Head for higher ground! Because according to Forbes, a 'Turnover Tsunami' is rapidly approaching. Experts are predicting a massive wave of voluntary departures and resignations. Why is this phenomenon taking place? And what can you do to counter it in your organization?
INDICATORS FOR HIGH TURNOVER
Employees across the world have been going through difficult times during the pandemic. According to the 'Human Resource Executive', pandemic stress, uncertainty, longer working hours, lack of HR advocacy and working from home all contributed (and still do) to workers feeling tired and burned out.
During the pandemic nobody was willing to sacrifice income security for new work environments. After all, better opportunities were suddenly scarce and many found it unwise to re-enter the job market in the middle of a shutdown. But now, a massive amount of employees are taking a step back to evaluate their options. The 'Achievers' Employee Engagement and Retention Report' found out that a stunning 52% of workers plan on looking for new jobs, to start fresh.
HOW TO PREVENT EMPLOYEE TURNOVER?
It goes without saying that turnover is very costly. When an employee leaves, a company not only has to go through expensive processes such as recruiting, hiring, training and onboarding. It also has to re-distribute duties to other team members who are undoubtedly reaching their own tolerance thresholds as well. And above all, the organization as a whole looses a valuable resource that possesses years of institutional knowledge. Therefore, businesses should prepare for the tsunami and take an active approach in retaining their human capital. How?
1. Empathetic leadership
Today's middle managers need a brand new skill set to keep their employees engaged in times of great change. Seeing employees as whole people with responsibilities and obligations outside of work is a prerequisite for empathetic leadership. Managers have to take the full lives of employees into consideration and not just what they see at work. The only way to do that, is with continuous dialogue and honest, transparent communication.
2. Work-life balance 2.0
Remote and hybrid working are here to stay, but companies need to better understand the consequences and negative impacts on employee morale, engagement and productivity. The main challenge is to always stay connected. Employees feel lonelier than ever, and lonely employees are 2 times more likely to quit. To overcome this challenge, employers need to put extra effort into improving internal communications and making it easy for employees to stay connected.
3. Retention surveys and bottom-up feedback
Having a transparent conversation with your employees demonstrates that you not only care, but that you are also willing to fight to retain them. Retention surveys are usually the first step to initiate a genuine conversation. Survey your colleagues to identify what's working for them and what's not. In other words: find out why they stayed with you thus far and which factors may cause them to leave? If you do happen to lose talent, don't forget to conduct exit interviews. Combine the results to gain valuable insights and formulate plans and strategies to make your workplace irresistible.
4. Fair compensation and benefits packages
Fair compensation and benefits are on the top of the list of reasons why employees leave their organizations. In preparation of the Turnover Tsunami, it's time to sit down with your team and re-evaluate whether your benefits are still equitable, competitive and honest. Identify the shortcomings and optimize or improve your offerings.
5. Employee wellbeing programs
Frequent and genuine communication about employee wellbeing is a must-have. Provide a specific two-way communication channel for wellbeing at work, where employees can voice their concerns. Create a safe space for concerns around mental and physical health. A space where they feel connected, recognized and supported. Providing a specific two-way communication channel for wellbeing at work can be a quick win.
6. Upskilling & career development
Top performers feel excited to stay within a company where they see growth, both for the company and for themselves. Offering exclusive training opportunities, stretch assignments and having transparent conversations about compensation and benefits will keep them engaged and interested.
7. Workplace technologies
Modern digital workplace technologies create a human connection in a remote world. They provide the ability to effectively connect with each type of employee, whether they are in the office, on the work floor or working remote. Digital platforms also allow extensive data capturing, giving you direct insights into employee contentment and engagement.
ARE YOU READY TO COMBAT THE TURNOVER TSUNAMI?
Solid internal communication and engaged employees are crucial for reducing employee turnover. Meet Roger is an all-in-one communications platform that enables you to inform, connect and engage your entire workforce, conduct feedback polls and improve the overall employee experience in the workplace. Its mobile-first interface also empowers blue-collars to stay connected, always and everywhere.