Company bosses that want to retain their workforce will have to go the ‘extra mile’ to survive the mass exodus of employees post-pandemic, according to a new study.
The research also reveals how the attrition rate has increased in the pandemic era, with most employees quitting voluntarily. In fact, over 4.5 million Americans voluntarily left their jobs during the month of November 2021 alone, according to the US Bureau of labor Statistics. Given the tight labour market and millions of job openings, more workers are prepared to voluntarily quit their jobs for better prospects elsewhere. Life shocks, acquiring new skills, desire for upward mobility, and changed priorities are just some of the elements driving the great resignation. And, employers are having to go the extra mile to both attract new staff and retain existing employees.
The majority of staff want more flexibility and are shunning companies with a rigid job hour policy, according to the recently published survey report, Who Can Stop This Unstoppable Great Resignation? The report, carried out by research and review platform GoodFirms, sheds insights into some of the main reasons behind the ‘great resignation’. It revealed inflexible work schedules as one of the main reasons for staff wanting to leave their jobs. The pandemic changed employee perception and compelled employees to rethink their priorities; with the employee turnover rate increasing after the peak-pandemic period. Covid-19’s greatest impact on the business world was ‘shift to remote work.’ The pandemic afforded unprecedented flexibility. People accustomed to it cannot fathom returning to work from office mode. Therefore, “inflexible employers are struggling to keep up their workforce,” reported GoodFirms.
TOP REASONS FOR STAFF RESIGNATIONS
Over 70% of HR professionals cite Flexibility of Work as the ‘top’ reason for resignations, according to the study. The report also revealed that:
- 21.2% of employees are planning to quit their jobs while 29.8% are not sure about it.
- 33.7% of employees still want to work from home.
- 30.7% of employees cited frequent stress and work-related burnout.
- 23.08% of employees are struggling with mental depression.
- 17.31% of employees think they can do better if they leave the current job.
- 57.6% of employees favour vaccine mandates.
- 37.50% of employees fear infection while working from the office.
- 21.1% of employees think their current salaries are not enough.
- 25.9% of employees remain discontent with their increments and promotions.
- 21.1% are not happy with career development opportunities.
- 19.2% of employees are indignant about their managers’ role and behaviour towards them.
STAFF CRAVING FOR MORE FLEXIBILITY
The research reveals how the pandemic has created a craving for flexibility in jobs; and an alternative to working from the office or home. “There is a sudden talk about the flexibility in work hours, mental health and wellbeing. Employees are now negotiating more easy-to-handle work hours and shunning companies with a rigid job hour policy,” noted the report.
Employers that wish to retain their workforce will have to go the ‘extra mile’ to survive amidst the biggest turnover in the modern business environment, highlight the report’s authors. Companies will have to restructure their compensation plans, rethink recruitment, invest in the human resource management systems (HRMS), strategise employee wellbeing programmes, implement flexible work models, and allow employees space to create a better work-life balance.
“The time is to deep dive into employees’ minds and individually address their concerns before it is too late,” concluded GoodFirms. “Whatever the trigger may be for this great resignation, the market will soon witness an improvement in the work world; and workers are likely to bring the best out of them, crafting a career that best fits their lives. It is surely a great re-imagination.”
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