In today’s shifting environment -- a year and a half into the global pandemic with near constant uncertainty for business leaders and employees alike – CHROs and other C-suite leaders are navigating a complex workforce landscape. Work and personal lives are intertwined, personal priorities and views on work have changed, and the hybrid model of work is yet another transition for everyone.
Record numbers of workers are leaving their current jobs in 2021. Is it a temporary shift or something bigger? This is what 300 CHROs are saying about the “Great Resignation” and how it is impacting their outlook for 2022 and beyond.
The Impact of Attrition
When asked if they are experiencing greater than normal attrition at their organization this year, 91% said yes or about the same as in years past.
For the 9% of executives who said that they are not experiencing higher rates of attrition, here were some of their responses as to why:
People are waiting to see how our hybrid approach works.”
The way we have managed through Covid and the opportunities from our growth strategy.”
We had a strong performance year, which provided stability in employment and also large rewards.”
We focused quite a lot on culture and employee experience in the last 5 years, and this is the effect of it.”
Why Employees Are Leaving
When asked what they think is causing employee turnover, 80% of CHROs believe it is fallout from the pandemic.
Relative Importance of Retention
When asked how much of a priority employee attrition is for CHROs right now, 84% responded that it’s a 4 or 5 on a scale of 1 to 5, with 5 being their top priority.
Employee Retention Tactics
76% of CHRO respondents said that they are focusing on company culture and employee engagement to try to engage and retain employees right now with offering more flexibility (72%) and reviewing compensation (72%) tied for second.
Recruiting New Employees
The top response was the same when asked about specific ways they are trying to attract new employees with promoting company culture and engagement as the most common strategy (73%), followed by flexible work arrangements (68%) and competitive compensation (67%).
A Trend or an Ongoing Challenge?
An equal number of CHROs indicate that they think the “Great Resignation” will last for 12+ months (34%) or 6 to 12 months (34%). Interestingly, only a small percentage (4%) believe that it’s a near-term phenomenon, lasting 0-6 months from now.
Planning for 2022
How are CHROs managing and planning for 2022 in this current environment? Here is a sample of what they are saying:
Heavy emphasis on the employee experience, growth and development.”
Putting a strong focus on succession plans and developing employees to accelerate their careers internally.”
Higher merit budget, enhanced 2022 benefit package, kept premiums flat.”
Looking at our compensation grids and also planning to hire more junior level talent.”
We are hiring ahead of demand for critical roles with high turnover.”
Being attentive and vigilant – more focus on the human side of the business.”
If you are an HR leader trying to navigate employee engagement and retention, explore an opportunity to collaborate with your peers or join a community at Evanta.com.
Based on 300 CHRO responses to Evanta’s Community Pulse Survey, October 2021.
by CHROs, for CHROs
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