So, it looks like things are looking up. More people are getting their COVID vaccinations, and the CDC lifted its restrictions for mask-wearing for people who have been vaccinated. Traffic is back. More people are going back to the workplace. All this crazy pandemic-induced mania is about to dissipate. Right?
Wrong. The seismic shift in the workplace started in the pandemic continues to rage on. For several reasons, more than half the workforce intends to look for a new job this year, according to a recent article by the Society for Human Resources Management. This phenomenon, predicted by a professor, is referred to as the Great Resignation.
While leaders were, understandably, focused on trying to keep their companies afloat due to downturn in their sector or fully functioning amid the increased demand for their products or services, a host of stressors and disconnects have amassed for the workforce over the last 15 months, including:
What this translates to for companies: You’re about to incur an uptick in recruiting costs as your team (or the contingent staffing agency you use) goes to work to replace all those departing. Then, you’ll have onboarding and training costs and register lower performance as the new hires acclimate to their positions and your company. In short, you’ll need to immediately prepare for the “mass exodus” that’s about to occur.
While it’s critical to understand the challenges facing companies right now, there are some steps you can take to immediately address the disconnect. In addition to hiring strategically for new roles for the new world we’re operating in and not merely backfilling the positions vacated, here are a few ways to start retaining talent and reviving your culture while you build for the future:
While the COVID pandemic may seem to be relieving some concerns within the workplace, new ones are emerging. Companies that quickly address the myriad of disconnects registering in the workforce today can reduce turnover costs and moderate the downturn in productivity as the newly replaced team comes onboard by implementing practices that focus on flexibility, recognition, and well-being. Remain focused on your people, get them the support and appreciation they crave, and enlist the help of service providers who can help create a vibrant workplace where your people not only want to stay but also thrive.
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Every month, we share news, knowledge, and insight into what we believe is a pretty simple proposition: If you are “proud of your work and proud of your company,” you are more engaged, more productive, and more likely to stay with your company for the long haul.