Keys to Employee Retention in the War for Talent

The War for Talent

Employees around the country are prioritizing their work-life balance more than ever in the wake of the COVID-19 pandemic. Combined with a robust job market, this has led to a massive increase in employee turnover, a phenomenon some are calling “The Great Resignation”. In this blog we will explore statistics and changing trends around employee retention, work-life balance, and burnout. We will also share some helpful tips to keep employees happy, motivated, and productive as they return to in-person work.

As companies across the United States begin returning to in-person work, commutes, and water cooler conversation, they are discovering that their employees have new priorities.  The COVID-19 pandemic stopped the world in its tracks, causing many Americans to ponder their lives and their careers. According to a survey by Prudential, 50% of adults said the pandemic has given them more control in deciding the direction of their career. A survey by Indeed found that 52% of respondents feel  “burned out” - overwhelming exhaustion, cynicism, detachment and feeling unaccomplished – while 67% report that the feeling has gotten worse over the course of the pandemic.

The numbers fluctuate depending on the source, but many industries are reporting a labor shortage as they struggle to fill available positions while former employees look for greener pastures. “The Great Resignation” has been exacerbated by employees feeling that their companies aren’t doing enough to keep them feeling motivated and energized; and that they can find higher paying jobs to make the stress more worth it. Deloitte reports that 69% of professionals surveyed think their employers are not doing enough to minimize burnout and 21% of respondents say their company does nothing at all to alleviate burnout. LinkedIn’s Workforce Confidence Index found that 48% of currently employed people seeking new jobs are feeling bolder about switching jobs because of the chances of increased pay.

Given this new normal, what can employers do to decrease burnout, retain employees and to attract new ones?