retain talent

How to Stop Turnover in its Tracks

In LaSalle Network’s most recent report featuring survey data from more than 250 business leaders, we share insights on how companies are navigating today’s challenging hiring landscape. Download our full Recruitment Trends & Insights report here. 

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After hitting its lowest level in the last 9 years in December 2020, the voluntary quit rate has since skyrocketed to a record-high 3%. While some businesses have already felt the pressure of a lean workforce for months, economists say the “Great Resignation” is likely to continue well into 2022, making retention one of the most important factors leaders should address now. 

In a recent LaSalle Network survey of more than 250 business leaders, 63% of respondents stated their business experienced more turnover in 2021 compared to their average year, and many jobs went unfilled in 2021 due to lack of talent. 

A recent survey by SHRM found following their former coworkers’ departures, 52% of employees who have not quit or changed jobs said they took on more responsibilities, 30% struggled to get necessary work done, 27% felt less loyalty to their organization and 55% questioned whether their pay was high enough. This type of pressure may lead to increased rates of employee burnout and continued turnover in 2022 if it goes unaddressed.  

According to our report, here are a few ways businesses are working to prevent excessive turnover in 2022: 

  • 53% are allowing staff to work remotely some or part of the time 
  • 42% are investing in growth/development opportunities for staff 
  • 30% are increasing benefits offerings 
  • 30% are investing in team and culture- building activities 

The first step to addressing turnover and preventing it from spreading is to start a dialogue with staff. Discussing a plan for how teams will adapt to changes can help increase employee confidence in leadership and keep staff engaged. For more tips on retaining talent, click here. 

To learn more about this and other hiring challenges, download our full report here. 

 

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