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Is your HR team ready for the Talent Tsunami?
A talent turnover wave has been predicted ever since the start of the pandemic. Experts expect a turnover tsunami to take place as soon as the pandemic ends. Despite how well positioned employer branding and strategy is, this might not be effective once the turnover wave starts. It is important to understand why employees would want to leave, but in many cases the reasons are basic and common. There might be some employees who don’t accept the new norm that the company has put in place, including workload, lack of flexibility, culture and burnouts. Majority however would consider leaving mainly due to career growth, monitory gains and personal reasons. But all these reasons amount to a mass exit where low retention during pandemic is taking a high turn in turnover after the pandemic.
How can you identify employees who are looking at leaving in the near future?
Employee appraisals, carrying out casual discussions on career path and company growth might bring out the employee concerns which can be addressed promptly and prudently. Understanding employee struggles and battles needs a whole new level of emotional intelligence, but identifying factors for employee turnover is something that HR needs to know at any given point of time. If there is an HR system in place, the system should be able to provide insights such as the employee leave patterns, last promotion to last increment cycle date to give a prediction for employee turnover. There are systems such as PeoplesHR, who have taken their game one notch ahead, which predicts employee turnover for the near future. While predicting the names of employees, PeoplesHR also gives an insight to the time frame as well as the reasons for leaving. Once the management understands the reasons it would be easy to put a succession plan in place while executing their retention strategy to identified set of employees.
Implement wellness and mental health programs to overcome anxiety and burnouts
Pandemic has drained out employees emotionally, physically and financially. Many companies went through salary cuts to extra workloads where wellbeing was boiled down only to a concept but not practiced within the company in reality. HR needs to identify the need and give priority to mental health and well-being of employees, introducing counseling, giving time off, balancing with perks and benefits while introducing many recreation activities within the company.
Get your recruitment marketing in place to face the turnover wave
While rolling out the retention initiatives, HR needs to accept that a possible talent tsunami will happen and high turnover is inevitable. It is time to get the career website updated, social media and other recruitment marketing channels geared up. Possibly look at revamping the recruitment process to shorten the length and smoothen the process of carrying it out digitally to onboard new recruits. Paying a visit to physical induction programs and re-evaluating it to suit the new normal would also be an ideal step for HR team at this point.
If you want to know more about Turnover Predictions by PeoplesHR, download our latest e-book for more details.
Blog Author
Heading the marketing team for hSenidBiz and PeoplesHR, Vichalya focuses on creating compelling marketing experiences with the product, people, and brand together. Being involved in the HR Tech industry & having gained over 8 years of domain experience, she closely monitors HR trends and patterns in the ever changing corporate world. Vichalya joined hSenid in 2013, bringing with her a decade of marketing and leadership experience.
