Preparing for the turnover crisis

After weathering a challenging year, many employees are considering radical changes in their lives. How can companies address the coming wave of employee churn?

Over the last year, workers have spent less time physically in offices than ever before—which for many has led to feelings of disconnectedness from their teams. But that is only one reason for the expected turnover. As vaccination rates increase and the pandemic eases, many people are contemplating a major life change—because they’re burned out or merely looking for new opportunities. And those opportunities may be plentiful, given that numerous companies are permanently shifting to hybrid work, which breaks down geographic barriers for job seekers.

Many employees have held on to jobs as islands of normalcy and stability amid so much upheaval. LinkedIn’s latest Workforce Confidence Index reports that no less than 74 percent of employees have stayed in their current jobs out of a need for security during the pandemic. Key factors include keeping household finances stable (59 percent), job perks and benefits (30 percent), and “having no time or energy to focus on a job switch” (14 percent).

LinkedIn senior editor-at-large George Anders says that a significant number of workers are now contemplating a new role, a new employer, or even a new career. “For millions of Americans, a successful 2021 means more than just leaving the pandemic-era difficulties behind,” he writes.

The LinkedIn index reports that 49 percent of employees in sales and HR are willing to pivot to new job functions, a number that rises to 56 percent for administrative workers. Microsoft’s Work Trend Index reaches similar conclusions, showing 41 percent of the global workforce considering a job change in the next year, with 46 percent planning to make a major career transition.