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Newsletter Article

Member Benefit

Riding the Turnover Wave

Published Mon Jun 07 2021

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As the COVID-19 pandemic winds down, we’re going to see a lot of changes. One of the most visible changes will be the dramatic upswing in employees transitioning into new positions—and this wave has already started. March’s resignation rate was 2.4%—the highest rate recorded for that month in 20 years. There are myriad reasons employees are looking for the exits, but one of the most profound is that the pandemic has caused many folks to reevaluate what they value. Employees are realizing their careers are a major influence on their identities, and many are choosing to abandon jobs that aren’t adding value to their lives. Add to that the fact that many employees experienced the freedom of remote work for the first time during the pandemic and enjoyed the flexibility it created. Hiring managers and leadership alike are having to rethink their retention strategies. Organizationally speaking, it might be easy for managers to demand that employees return to the old normal and ridicule those who refuse as being entitled or uncommitted, but this is an excuse that will not hold water for long. To be competitive in the new labor market, managers need to realize that transitioning to a new normal will be required. Staying ahead of the curve will be critical to survival in the weeks, months, and years to come.

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