A recent Prudential survey indicates that 1 in 4 workers plan to look for a new job in a different company as the pandemic subsides.
Here’s why:
- Along with all the changes brought about by COVID-19 came a major change in employee preference. After working remotely for over a year, many employees were exposed to the perks of the new working system. Remote jobs came with flexible working schedules that allowed for a better Work-Life balance. Employees were able to spend more time focusing on their families and personal hobbies all while being just as productive at work. So, for many employees, returning to a strict nine to five desk job with a 30-minute commute – not to mention a potential health risk – became less appealing.
- Second, on July 9, 2021 President Biden signed the executive order on Promoting Competition in the American Economy. The executive order encouraged the Federal Trade Committee (FTC) to reduce the unfair use of non-compete clauses and allow employees to change jobs without limitations. With a few states already on board, turnover rates are predicted to jump even further.
As employers, you must be aware of these changes and adjust accordingly. Here are a few tips you can use to assure your employee loyalty and avoid turnover:
Implement a Safe and Effective Hybrid System
Although there are many workers who prefer to work remotely on their own schedule, a stunning 74% of workers still want the option to come into the office. Therefore, it’s crucial that employers cater to both sides. For example, for those coming into the office it’s important that the workplace is sanitary, follows safety guidelines, and allows for distancing. For those working remotely, it’s important to create a tech-enabled environment which allows remote workers to communicate seamlessly in real-time.
Communication is a MUST
In today’s ever-changing world, it’s important that you reassess whether you’re communicating as efficiently and effectively as you can be. Start by sending out surveys to your employees to get a better understanding of what works for them and what doesn’t. This will allow you to make more informed decisions and show employees that their opinion matters. Most importantly, be transparent about the decisions you are making based on this information. Employees don’t want any surprises – keep them in the loop about the good and the bad. This will help grow relationships, increase employee performance, and create a healthy work environment.
Empathy Wins
Employee stress and anxiety continue to rise, with more than three-quarters of the workforce reporting feelings of burnout spurred by fears around the office reopening and uncertainty around what comes next. This will only worsen unless we make well-being and mental health a top priority. Begin by establishing an employee assistance program that offers counseling and therapy or meditation at the office. For most employees, financial instability is one of the major causes of high stress levels. Therefore, an important second step is to look to offer your employees financial wellness through companies like Kashable, who offer equitable access to low costs loans and financial education benefits for employees. This will help take some weight off their shoulders and show employees that they’re not alone.
Although the pandemic is finally beginning to die down, its effects are still in the air. Turnover rates are higher than ever, and with Biden’s signing of the new non-compete order, they’re likely to continue to increase. As employers it’s imperative that you act now. Begin by prioritizing employee well-being and creating a safe and flexible work environment. Let employee voices be heard and grant them access to benefits both in and out of the office. Check out Kashable, a financial wellness benefit that helps employees bridge the financial gap created by any out-of-pocket medical expenses, personal emergencies, or times of hardship. Learn more about what Kashable has to offer at Kashable.com.
Fun fact: A survey of over 5,000 Kashable customers revealed that the vast majority feel Kashable has been a valuable addition to their benefits package.