A survey conducted by EY on employee retention highlights key findings and statistics related to this critical HR concern. It delves into the challenges of employee retention, revealing significant insights mentioned below –
COVID-19 Impact – 54% of the surveyed companies found that the pandemic had an adverse impact on their employee retention efforts.
Resignation Rates – 53% of organizations reported increased resignation rates post-pandemic.
Remote Work – 47% of the surveyed organizations claimed that remote working had affected their ability to retain employees.
Career Opportunities – 49% of employees left their jobs due to a lack of career development and progression opportunities.
Flexible Work Arrangements – 45% of respondents felt that offering flexible work arrangements improved their ability to retain employees.
Skills Shortage – 42% of organizations cited a skills shortage as a factor contributing to higher resignation rates.
The survey identifies certain strategies for addressing these challenges –
Flexible Working – Embracing flexible work arrangements can be pivotal in retaining employees, as it’s a major consideration for many.
Upskilling – Offering opportunities for upskilling and career development can significantly boost retention rates, as career advancement is a top priority for employees.
Remote Work Policies – Organizations need clear and effective remote work policies, given their growing importance in employee decisions.
Skill Development – Addressing skill shortages through training and development programs can be crucial for retaining a talented workforce.
The EY survey highlights information that is vital for HR professionals and organizations aiming to enhance their employee retention strategies in the current work landscape.
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ABOUT THE AUTHOR
“Jody Ordioni is the author of “The Talent Brand.” In her role as Founder and Chief Brand Officer of Brandemix, she leads the firm in creating brand-aligned talent communications that connect employees to cultures, companies, and business goals. She engages with HR professionals and corporate teams on how to build and promote talent brands, and implement best-practice talent acquisition and engagement strategies across all media and platforms. She has been named a "recruitment thought leader to follow" and her mission is to integrate marketing, human resources, internal communications, and social media to foster a seamless brand experience through the employee lifecycle.”
