According to the 2021 Retention Report (Covid edition) produced by Work Institute, the influence of the global coronavirus pandemic on the workplace was unprecedented.
Thankfully, a global pandemic is rare, and the emergence of the Omicron variant indicates that the pandemic may soon transition to an endemic.
Moreover, the pandemic has presented a unique opportunity for us to study human behaviour in the workplace under unprecedented conditions. This will provide valuable data and insights for better decision-making and further studies in the future.
In this post, we have put together a list of reasons for leaving or quitting a company, according to the 2021 Retention Report (Covid edition). Read on to learn more.
1. Job Characteristics
Job characteristics such as workload and stress are among the reasons why employees are leaving their positions.
Employees want to make a meaningful impact on an organization but not at the expense of their physical and mental health. Any responsibility that attracts a heavy workload and stress is given a wide berth by employees.
This trend has increased during the pandemic. According to the latest Retention Report, since the pandemic outbreak, workloads and stress have increased significantly in the workplace.
This trend could rise further in 2022, especially given the existence of the Omicron variant. To boost employee retention, employers must create a less stressful work environment.
2. Health and Family
Since the Covid-19 outbreak, health and family concerns have increased. This is seen primarily among those with serious health conditions.
During the spike in early 2020, a significant number of employees left their jobs to safeguard their health and that of their families. The number has decreased ever since.
The decreasing figure can be related to the fact that business organizations have implemented more Covid-19 safety protocols. Businesses should ensure that they have safety measures on the ground to ameliorate employees’ health concerns.
3. Work/Life Balance
Having time for family and friends is just as important as executing work-related obligations. For instance, employees who are always being contacted by their employers even during the weekend have little to no personal time and may eventually experience burnout.
An employee who finds themself in such a position will leave their job for one that allows them to balance their work and personal lives.
The percentage of workers leaving their jobs to achieve work/life balance was on the high side in previous years. More recently, the number is decreasing, probably because employers are creating a work/life balance for their employees.
4. Total Rewards
Most employees thrive better in environments with a reward system. Knowing that they will be rewarded inspires them to put in more work to achieve the desired results. Also, being rewarded for their efforts makes them feel valued.
Sadly, not every business organization offers a reward system. This leads to the regular departure of employees. In 2019, lack of rewards accounted for 6.1% among the reasons for employees to quit their job.
In this regard, organizations can adopt an HR system that comes with a reward system to reward their employees and boost their motivation systematically.
For instance, EasyWork, a powerful HR system, allows organizations to reward their employees using a point system. Employees who perform well are rewarded with points, which can be exchanged for prize items such as iPhones, iPads and smartwatches.
At the same time, employees can also reward their peers or colleagues who offer them a favour, such as swapping shifts with them on short notice.
Organizational culture and safety reasons are the leading factors with regard to an environment-based reason for leaving. An organization that comes up short in establishing structures to enhance employees’ performance is bound to lose those employees.
In addition, a workplace that does not have health measures to protect employees from pandemic exposure will lose workers as well.
Many employees are leaving businesses that expose them to the pandemic and are moving to companies that do not, especially those that allow remote working. Safety reasons increased in Q2 2021 and throughout the remainder of 2020.
Retirement is the primary reason why people leave their jobs. This reason reached a spike in 2020 during the pandemic.
Many employees reached a point in their careers where they could no longer work. Some are being forced by their companies to resign, as the companies are suffering cash crunches.
Aside from these reasons, many essential workers in businesses no longer see working as desirable. Some of them decided to work from home.
Retirement shows a unique pattern compared to 2018 and 2019. There was a marginal increase in quarter 2 of 2020 but a much higher increase in quarter 4 of 2020.
The Covid-19 pandemic has changed the world, including how people view their jobs and careers.
By looking into the 2021 Retention Report (Covid edition) produced by Work Institute, organizations and the HR department can understand their employees more and create a suitable working environment and condition to enhance talent and employee retention.