Retaining top employees as competition intensifies is a key pressure point for organizations of all sizes. Nearly 8 in 10 finance and accounting managers are concerned with keeping valued employees due to low morale and high rates of burnout because of heavy workloads.
The culprit behind these drastically declining rates of retention all point to symptoms from the COVID-19 pandemic. Let’s explore these major challenges and how Fingercheck can help organizations overcome these recruiting challenges during “The New Normal.”
Employee Turnover and Burnout Rates are Rising
The COVID-19 pandemic has forced every business to immediately develop, adapt and improve their remote work policies and procedures. Nearly two years past its radical introduction to the world, businesses are eyeing a return to a hybrid office environment. These changes are welcomed by some, but just scratch the surface of the issue that is plaguing employee retention across all industries: turnover and burnout.
HR respondents in a DDI’s HR Leadership Insights Report reported the turnover rate of corporate leaders in the U.S. had increased to an average of 18%, up from 14% in the midst of the COVID-19 pandemic. Furthermore, a recent FlexJobs survey found that 56% of remote workers experienced burnout during the pandemic, with 39% stating their mental health is worse now than it was pre-COVID. These are devastating statistics that will only get worse as demand and competition for leadership and remote-capable talent increases during the shift to a hybrid workforce model.
So how can organizations overcome these recruiting challenges during “The New Normal”?
Prioritize Onboarding and Transparency
Surveys have shown that almost 70% of employees who have a positive onboarding experience are more likely to stay with their company for 3 years. Furthermore, a Glassdoor study found retention rates improve by 82% with well-executed onboarding while productivity improved by 72%.
Using Fingercheck’s efficient all-in-one cloud-based HR platform, can be your organization’s golden ticket towards overcoming common recruiting and retention challenges that COVID-19 has intensified. By following a structured and personalized onboarding program via the intuitive Fingercheck platform, your organization will surely witness a sustainable morale boost in no time.