Employee Retention in the Post-Pandemic World

America is ready to return to work after more than a year of high unemployment rates. Since the decline of COVID-19 in the country continues, companies want to welcome employees back to the office. But things don't necessarily go as planned. 

Companies are preparing for a colossal wave of resignations in what has been called "tsunami turnover." According to the Achievers Workforce Institute Engagement and retention report for 2021, 52% of employees are planning to find a new job by 2021. This rise could leave hundreds of vacant positions to employers, left unaddressed.

Employers are finding new expectations of employees and job seekers compared to pre-pandemic days. Just for the sake of reliable revenue, employees do not just jump into jobs. They don't want to work where they are afraid about their well-being and health. They look for jobs with employers who want to focus on physical and psychological health. This means looking for remote or semi-remote work for many employees.

Below are some of the ways companies can incorporate better health and safety practices into their daily operations — and, hopefully, avoid the turnover tsunami:

Health screenings: conduct day-to-day employee health screenings prior to work. This reduces the chance of a viral spread in the workplace significantly. Staff may provide short answers to questions concerning potential exposure and symptoms of COVID-19. Keep questionnaires simple to fill in and access from any device quickly. Make sure you comply with all relevant regulations concerning employee health data collection as there may be different rules for different jurisdictions.

Automated remote surveillance and contact tracing: Considers the use of wearable Bluetooth beacon technology for employees to track social distances, send out notifications after exposure and streamline contact tracing when an employee tests for COVID-19.

Filtration systems for air: quality air filtration can help prevent viral spread – and it helps employees with respiratory problems, such as asthma, as an additional bonus.

If companies want to recruit quality candidates, retain existing employees, and create reputable post-pandemic brands, they must make a genuine effort to respond to the changing needs of today’s workforce. One such way is to provide healthcare benefits for employees.

Also read about: Top Blue Collar Employee Retention Strategies 

Key HR Metrics to Measure

Monitoring employee productivity is one of the most important aspects of employee management. This not only allows you to assess how well an employee contributes to a company's success. It can also be used as a guide for future promotions of deserving employees. Keeping track of employee productivity also allows you to see how well employees are compensated in relation to the amount of work or effort they put in at work. No two people are the same in terms of productivity. 

In fact, the variation is quite natural here. It is determined by the type of task performed by the employee and the quality of the output. It is difficult to develop a one-size-fits-all measurement.

HR Metrics in Recruitment 

1. Headcount: the total number of employees in the organization, or within the department you are tracking. 

2. Demographics: the characteristics of the workforce, including age, gender, education level, and length of service in the company. 

3. Time to Hire: the average number of days between when a job is posted, and when the candidate accepts the offer. 

4. Acceptance Rate: the number of offer letters extended by the organization, divided by the number of candidates who accept an offer. 

5. Cost per Hire: the typical cost of bringing on a new employee. This can be calculated by adding both internal and external hiring costs and then dividing the total number of employees hired in a given period.

6. Time to Productivity: the amount of time it takes for new employees to become acquainted with the organisation and begin working at full capacity.

7. New-Hire Turnover: the number of new hires who leave the organization within a set period of time (e.g. within their first year of employment). 

HR Metrics in Engagement & Retention 

8. Employee Satisfaction: the number of employees who would recommend the organization as a good place to work, versus the number of employees who wouldn’t. 

9. Total Turnover Rate: the number of employees who leave the company within a given period of time, divided by the average number of total employees. This is usually indicated in a percentage value, so this decimal is then multiplied by 100. 

10. Voluntary Turnover Rate: the turnover rate including only the employees who voluntarily leave the organization. 

11. Talent Turnover Rate: the turnover rate among the organization’s highest-performing and highest-potential employees.  

12. Retention Rate: the opposite of a turnover rate, in that the number of employees who remained in the organization over a given period is divided by the total number of employees. 

13. Retention Rate per Manager: the retention rate broken down by individual teams and managers. 

For Full Article. Please Visit our Key HR Metrics to Track Blog page.