One in four US staff plan to leave their employer when the Covid-19 pandemic subsides, according to new research carried out by Ipsos and Eagle Hill Consulting.
That number is even higher for millennials and employees with children at home in remote learning situations; with one in three planning to ‘jump ship’ once the pandemic is over. “Company leaders are still knee-deep dealing with the pandemic, but they have to look ahead to fend off a talent tsunami,” stated Melissa Jezior, President and Chief Executive Officer of Eagle Hill Consulting.
Prior to March 2020 when the pandemic triggered an economic shutdown and massive layoffs, employers were experiencing high rates of job switching. But since then, quit rates reached their lowest level in nine years. Then between April and August 2020, the US Bureau of Labor Statistics data show that the number of ’employee-initiated separations’ decreased by 27% compared to the same period in 2019. Now, many industries can expect a resurgence of turnover as employees are likely to feel they can make job moves that they have put off for the past year.
MOTIVATED TO MOVE JOBS
“Now that vaccinations are underway, there’s light at the end of the tunnel for employees. We all are feeling a sense that work will return to some sense of normalcy and the economy will rebound. And that means employees again will feel confident looking elsewhere for a job,” explained Jezior.
Further complicating the issue for employers is that more than half of the workforce feels burnt out, much of which can be attributed to the Covid-19 work environment. “This means employees may be even more motivated to make a move. Companies need to think differently and strategically about how they’re going to hold onto their top talent. Otherwise, it will be even more difficult for a business to bounce forward in a post-pandemic economy,” added Jezior.
Strategies for retaining workers in a post-pandemic environment are detailed in The Employee Turnover Tsunami is Coming research here.
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