Oct 28, 2021
Forty-nine percent of U.S. executives are seeing much higher than usual turnover in the past six months. Eighty-four percent say openings are going unfilled for longer than before the pandemic, according to a survey by the Society for Human Resource Management (SHRM). “Employees are leaving their jobs to pursue new opportunities in record numbers, making hiring and retaining talent a significant challenge,” said Johnny C. Taylor, Jr., SHRM-SCP, SHRM's President and CEO. Organizations must think differently about how to recruit and retain talent, revisit benefits and flexible work schedules, and broaden the talent pool for open positions, he added.
| Employees Are Job Hunting to Seek: | Executives Think Employees Are Job Hunting for These Reasons: |
|---|---|
| 53% Better compensation | 28% Better benefits |
| 42% A better work-life balance | 28% Better career advancement opportunities |
| 36% Better benefits | 26% Discomfort in the workplace due to COVID-19 |
How Employers Are Responding
To combat the resignation tsunami, many employers are making sure to offer more competitive benefits. Fifty-eight percent of employers say that, beyond normal yearly increases, they are offering higher starting salaries and wages than last year. Forty-two percent of HR professionals who have seen higher turnover in the past six months, have expanded remote work or flexibility options; 32% have increased employee referral bonuses; and 28% have introduced new or additional merit increases.
