In what some are calling “the great resignation,” employers are scrambling to prevent the mass exodus in the workplace that was predicted at the start of 2021. One survey predicted that 1 in 4 employees were planning to quit their job after the pandemic, with personal wellbeing cited as the primary motivator for leaving their employer. Organizations must consider wellbeing as well as other factors of employee retention to keep their employees from leaving.
We’ve compiled a list of some of the top factors of employee retention that, if addressed, could result in better stability and engagement for organizations across the country.
Hybrid work arrangements
According to a March 2021 survey, Pulse of the American Worker Survey, 42% of current remote workers say if their current company does not continue to offer remote work options long term, they will look for a job at a company that does. 87% say they would like to work remotely at least one day each week. The benefits of a hybrid workplace are significant and are one of the key factors of employee retention as organizations consider the new rhythm of their workplace.
One in five workers changed careers in the midst of the pandemic. 26% of those who made a change reported that better compensation was a factor in their decision. Essential workers were particularly challenged during the pandemic and some were no longer willing to put their lives at risk in exchange for poor compensation. Despite the implementation of hazard pay for some essential workers, many fled their jobs in search of safer, better paying roles. Fair compensation is a significant factor of employee retention for essential and non-essential workers alike. Consider the current pay structure in your organization before it’s too late.
According to the same Pulse of the American Worker Survey, 42% of all workers who are planning to leave their current employer in the year ahead would give their organization a “C” or lower for their efforts to maintain company culture during the pandemic. This sobering report supports the long-held belief that company culture is another of the significant factors of employee retention. Knowing which crucial elements of company culture may need a tune-up will help promote better engagement and potentially the exodus of valuable employees.
As teams shifted to a remote workplace, communication became increasingly crucial for strong employee engagement and continues to be one of the key factors of employee retention. Front-line managers are critical to the wellbeing of their team. Helping these leaders make a shift from manager to coach is one of the ways to improve communication as they learn how to ask good questions. Better communication is the byproduct of managers leading from their strengths and knowing the strengths of their team.
The factors of employee retention have, in some ways, stayed the same as they were pre-pandemic while others have become increasingly important. For a more complete view of some of the current factors impacting employee retention, download the full Pulse of the American Worker Survey here.