We know that sadly many employers are finding they have no choice but to reduce costs and make redundancies in their business.
This is just one of the economic consequences of the pandemic, and has meant that unemployment is at an all-time high.
Because of this, some employers may believe that employees not at risk of redundancy are likely to stay firmly put in their positions. The logic may then be that employee retention is not a priority due to the current climate and high competition for jobs.
This may be true for some employees, who will want stability through times of uncertainty. However, there are others who will be thinking about their next move, which could be to another business.
Only 13% of workers are not considering their options
A recent report by LinkedIn found that a third of UK professionals are actively looking for work. Plenty of others could be swayed by the right offer, leaving just 13% who are not open to new opportunities for now.
There are any number of reasons why an employee may be looking to move on. What could lead them to this decision during such economically uncertain times?
There are a few reasons, which could be directly due to the pandemic itself.
Why might employees be seeking new opportunities in 2020?
The events of this year have forced masses of people to stop and think about life, which naturally can raise questions about job satisfaction and career pathways.
Coronavirus has placed the fragility of life under a microscope. As a result, some employees could be wanting to seize the day with a major career change, or go it alone to make their once side hustle a full-time commitment.
There’s no denying that sadly certain industries have been hit harder than others this year. This can also lead employees to thoughts of retraining and transitioning to a sector that has shown it can withstand a pandemic.
In a similar vein, a business that can show evidence of good crisis management and employee well-being will make an attractive next step for unhappy employees who may have lost trust in their employer during this time.
Businesses that have made redundancies may think that their survivors are sticking with them, but this is not a guarantee. Survivor syndrome, losing connections with valued co-workers, an increased workload or major cultural change can all be contributing factors to remaining employees looking for a job elsewhere.
So what can employers do to retain much needed employees, and why not just recruit if they can’t?
Employee retention is good for business
Employers who have been through redundancy consultation will be familiar with the selection process involved. After making difficult yet necessary decisions on redundant roles, you would unlikely want to hear that a remaining employee is now handing in their notice.
You could have saved someone else from redundancy, and recruiting to fill this essential role is going to take more time and money.
This could also mean losing institutional knowledge and further expenses having to train up a new hire.
By keeping employee retention a priority, this situation can be avoided.
Keep your business working well by retaining good employees
Why do people stay in their jobs? Stability and size of financial remuneration are key but not necessarily the deciding factors anymore.
Job satisfaction, feeling appreciated, opportunities for growth, work/life balance or access to flexible working are now all common reasons for employees staying put.
Employees are also more likely to stay if they feel that they are undertaking meaningful work, or feel proud of the company they work for.
A successful retention strategy will take a holistic approach and continue to measure happiness levels of employees no matter the state of the jobs market.
Help from your local HR Dept
If you’d like to discuss employee retention for your business, get in touch. We will take the time to get to know your business and identify potential people problems before it’s too late.