Get Ready for Massive Employee Turnover
- Jun 16, 2021 10:37 am GMT
The pandemic was a transformative event for energy companies in many ways. As the vaccines become more common and cases wane, one more ripple effective may soon be felt: massive employee turnover. More than half of employees are poised to start looking for a new job, according to Gartner Inc.
What sparked the high level of unrest? The pandemic had a chilling impact on job movement. Given the widespread uncertainty, many employees put their job searches on hold. Prior to the pandemic last spring, employers were experiencing high turnover rates, but since then, job movement reached their lowest level in nine years. As a result, interest in securing new jobs is now rising because of pent up demand.
Jobs Become Less Fulfilling
Another problem for managers is job dissatisfaction has increased recently. About half of employees (46%) now feel less connected to their company, and 42% say the company culture has diminished since the start of the pandemic. Just 21% said they are very engaged at work, according to Gartner.
Part of the reason for the gap is management focused mainly on righting the business as the pandemic’s ripple effects were felt. They had to keep work flowing and neglected to focus on team building and company culture enriching activities. They did not have the time, money, or budget to concentrate on improving employee engagement, soliciting feedback, driving recognition throughout the organization, and fostering a positive, collaborative company culture.
Another factor is the past year has been draining for everyone. Routines were disrupted, social interactions muted, and stress heightened. Eagle Hill Consulting, a management consulting firm, found that 57% of US employees say they are burnt out. Millennials and women report higher levels of burnout, as did employees with children remote learning at home.
Also, employees felt more pressure working at home. More than half of nouveau remote employees worried that their managers doubt their productivity. To compensate, more than two in five employees started their workdays earlier, worked later, or both, and more than a third skipped lunch breaks in an effort to be productive.
What can managers do? First, take steps to understand the current challenge. Next, they must work hand-in-hand with human resources to create clear career opportunities and growth paths for employees. They also need to improve employee morale, provide work flexibility, and offer more learning opportunities. In sum, they have a lot on their plates. The pandemic was seismic event that shook energy companies to the core, and major tremors are still being felt.
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