WARNING: There is A Turnover Wave Coming - Are You Ready?
“There are predictions that up to 50% of employees will be looking for new jobs this Spring and Summer. ”
The inside scoop in the HR world is that we are on the brink of a huge wave of employee turnover. During the past year-ish employee retention was at an all-time high—because people didn’t want to leave jobs when there were so many unknown factors due to the pandemic and economic recession. But that time is ending, and there are predictions that up to 50% of employees will be looking for new jobs this Spring and Summer.
Stay Interviews
So, what does that mean for you? If you are a manager, it’s probably a good idea to have stay interviews with the people you really wouldn’t want to leave. Stay interviews can be informal or formal based on your capacity—it’s simply a time to have a 1on1 meeting and share how much you value them and see if there are things you could do to keep them engaged in their work and position.
Press Go
If you have been waiting to hire due to the pandemic, it might be a good time to press the “go” button. There are probably lots of qualified people who are ready for a change out there.
Long-Term Thinking
It’s never too late to be thinking about an overall retention strategy. If you want really great people to work for you, and stay working with you for a really long time, you have to provide an excellent place to work. And like most things, that requires strategy.