Bosses at breaking point on churn

Labor churn looks like it will stick around a while. The pandemic made remote work more possible then ever before and with it, millions of Americans have changed their job during the pandemic or plan to in the months ahead. Among the reasons to change are the stalwarts of seeking higher pay and/or a better career trajectory, but the pandemic has brought about new considerations. About a quarter want hybrid options, and better retirement benefits?so they can exit the labor market altogether. About half of workers now exit the labor market earlier than they thought due to health, employer package, employer firing, or newfound wealth due to stock market equity and real estate gains. #career #remotework #jobs #newbeginings

Has your boss ever tried to guilt you out of quitting a job that was no longer a fit for you? According to this article by Alex Tanzi for Bloomberg LP, a quarter of US workers are considering a job change or retirement in the next 12-18 months. With churn such a huge issue, employers could take a page from the subscription playbook. They need to start by understanding the promise they make to employees--usually something like this: "We promise to pay a fair wage, give you meaningful work in a safe environment and provide opportunities to grow". Employers need to share this message and then ensure that they deliver on that promise (maybe through frequent surveying of employees). When they can no longer deliver on that promise--for example, when they can't provide an individual with meaningful work, or opportunities for growth--they should expect the employee to leave. Employers should even make it easy for the employee to leave at that point. That way, there's a chance that the employee might come back one day. And maybe that ex-employee will refer friends who are a fit. Too many organizations use guilt and threats to keep employees, even when they know that the jobs are no longer a good fit. While guilt might keep an employee in place for a few more months, in the long term, it leads to bad outcomes. Hiding the "quit button" is like hiding the "cancel button". By doing it, you ensure that (A) the employee will never return and (B) that employee will never recommend that friends apply for jobs there. #subscriptions #employeeretention

For companies hoping to attract or retain top talent, remote work is now an enticing benefit and non-negotiable for many.?While more than a quarter of American workers are at least contemplating changing jobs, predicting which careers will flourish in our post-COVID world isn’t easy. Here are the top five growing fields you may want to consider. #careers #jobs #remotework Cate Chapman

The labor churn isn't going away anytime soon. Why? Because employers aren't taking this matter seriously enough. I mean, if you were struggling to find clients and customers, you'd invest whatever it took to quickly change your situation. Yet, employers know they're struggling to fill jobs and yet they're doing little to change their situation. Note to employers: If you could do something yourself, you already would have. Time to bring in an expert. #hiringstrategy #hiring #greatresignation #leadership #talentstrategy

Labor churn is an issue that many companies are facing, and will continue to face, during these unprecedented times. But what are the stats? And how can we retain our employees? Stats are showing that its not just about money, pensions, and work scheduling. Employees want to feel like they belong! A diverse and inclusive workplace has its perks: - 5.4 times higher employee retention - 9.8 times more likely to look forward to going to work What can your company improve? Use our assessment to find out what. https://lnkd.in/euhjjNBm #Dei #laborchurn #employeeretention #upliftingimpact

The alternating state of the economy this year might make us curious about systemic changes that could lead to better long-term outcomes. Here are a few levers that can improve outcomes for everyone. Surprisingly, they are as social as they are economic. #leadership #greatresignation #economy

Bloomberg News tells us that 25% of workers want a change of job by 2023, and some of those people are coming to me and telling me they want to retool themselves from whatever they are doing to become a #datascientist. The reason is that there is supposedly this huge need for data scientists right now, and it supposedly pays *A LOT*. But I have been a data scientist for many years, and I still can't get paid what I'm worth on contracts. I usually get paid less than less-qualified men and non-minorities on the project. Hm, how curious! Can't figure out why. Are any of you out there reading this pivoting from whatever you were doing - #marketing, #business, #management, #realestate, #medicine, #automotive, #pharmacology, #bigtech - to a new career in data science to make that "change by 2023"? If so, what made you choose "data science"? And how is the pivot going? #careerexploration #careercounseling #careerguidance #careeradvancement #careercoaching #datasciencejobs #datasciencetraining #datasciencecareers https://lnkd.in/d98seSgG

Employee engagement is slipping at a terrible time for employers, and turnover is one of the big consequences. That’s one of the most notable findings from Quantum Workplace's annual Employee Engagement Trends Report, which surveyed 32,000 individuals on their workplace experiences in connection with its Best Places to Work surveys. The percentage of employees defined as engaged with their jobs dropped from 81% in January 2021 to 74% in July 2021. Many of the indicators that looked so promising in 2020, such as communication and trust in leadership, were suddenly moving in the wrong direction.? The?lingering disconnect over the return to the office?is one of the big factors in the shift. It's?also leading more employers to consider permanent remote work. “Many organizational leaders have called employees to return to the office and have reduced the amount of flexibility and choice employees had to work remotely,” Quantum’s report noted. “This has been done despite employees’ wish to maintain a more flexible environment moving forward.”? Complicating matters for employers is growing confidence among employees that they could find a job with another employer?amid an unprecedented hiring environment. In the first quarter of 2021, 38% of respondents were confident they could get another job as good or better than their current one. By the second quarter, that figure had risen to 52%.? Also, 58% of respondents were confident they could find another job that pays as much as their current one — an important metric since individuals?still say compensation remains the biggest factor in whether they would consider another job.? Quantum also found a decline in employees’ intent to stay with their current employer. Add it all up, and it's easy to see why churn is on the rise in this environment –?particularly for companies that haven't been prioritizing retention and career development. #hiring #jobmarket #turnover #Playbook