As mentioned in our earlier blog, jobseekers are in a unique position right now. This is causing what many experts are referring to as a “turnover tsunami.” It’s a perfect storm of conditions that are causing people to change companies or careers.
The Perfect Storm
So what are these conditions? For starters, the uncertainty brought on by the pandemic caused many people to stick with their jobs – regardless of their personal desire to stay. The job market was narrow and unfriendly to jobseekers at the time. Now that the job market has cracked wide open, people feel more secure in making the move. This pent-up job demand is viewed by some economists as the market “correcting itself.” Another contributing factor is widespread pandemic burnout. The last year has taken a toll on the mental health of many people. Stress about staying safe, keeping your job, staying afloat financially, adjusting to all the change, and working hard to make up for corporate downsizing left many people feeling overworked and underappreciated. No longer a simple buzzword, burnout has become a leading contributor to the turnover tsunami.
The Costs
It’s no secret that turnover is costly. When an employee leaves, their work needs to be reallocated, often to other employees who have enough on their plate already. The departing employee also takes valuable tribal knowledge with them. These are all the techniques, tips, and tricks you can’t nail down in the job description. It’s what made them especially valuable to the company. Although fresh perspectives are valuable, a new employee is prone to trip in the pitfalls your old employee learned to skirt with ease. All told, the cost of recruiting and training a new employee is more than meets the eye.
Nervous Yet?
Do you have shelter from the tsumani? Or are you standing on the beach in your flip flops? Before the wave hits, take some time to check in with your employees. Conduct surveys and exit interviews to find out what’s working, and what isn’t. Most importantly, show your employees that all their hard work has been greatly appreciated! The key word here is “show.” While “telling” your employees you appreciate them is great, speaking in hollow phrases is sometimes worse than saying anything at all. Back up your statements by creating (and maintaining!) an environment where employees can voice their thoughts and concerns. Establish award programs to regularly and uniformly reward your employees for their valuable contributions to the company. Whether it’s for years of service, earning a certification, safe driving, meeting sales goals, or perfect attendance, find reasons to recognize your employees for all they do.
Inspire
To quote Gifford Thomas, author of The Inspirational Leader, “Appreciation is one of life’s greatest motivators, and now more than ever, all of our employees need to be shown some level of recognition for the incredible sacrifice and inspired work they perform every day during these unprecedented times.” Recognition is SUPER valuable! By making sure your employees feel appreciated, you’re creating an environment that people are happy to stay in – and the wave reduces to a ripple.
By Aubrey Dion
Aubrey Dion is proud to be back working for the family business she grew up in. Over the years, she has performed a wide variety of jobs in both the office and factory, becoming a true "jack of all trades." Aubrey credits her quick learning ability to her strong theatre background, where memorization and attention to detail are vital. Working in the marketing department allows her to stay creative and work on exciting new projects for the company.
sources
Forbes - Why The 2021 ‘Turnover Tsunami’ Is Happening And What Business Leaders Can Do To Prepare
SHRM - Workers are Quitting in Record Numbers
Leadership First - A Person Who Feels Appreciated
