Voluntary turnover rates may not be as high as some expect, WorldatWork says

Dive Brief:

While a larger share of employers have experienced voluntary turnover during the Great Resignation compared to pre-pandemic years, that contingent may be lower than some expect, according to survey data recently published by global HR association WorldatWork.
The survey found that 21% of organizations experienced voluntary turnover in the past 12 months, up from 18% who said the same prior to the pandemic. Despite the findings, 80% of respondents said that labor shortages and competition for talent were the greatest HR challenge in 2022.
Respondents cited compensation and recruitment as the most effective ways to reduce turnover, with 47% prioritizing work-life balance and the same share modifying or adding flexible work or scheduling policies. Other strategies included modifying or adding a remote work policy; adding paid leave benefits; increasing the geographic scope for sourcing candidates and adding off-cycle pay increases, among others.

Dive Insight:

WorldatWork’s findings may be a surprise to some, but the reality of the Great Resignation is that turnover can vary depending on parameters such as industry, job title, age and experience.

Reasons for leaving a job can vary, too. A recent BambooHR survey of U.S. adults found that 63% had considered changing their career path or industry or heading back to school within the past six months, with younger respondents being the most open to a career change. March data from anonymous tech industry worker platform Blind found that 80% of workers said they were looking for a new job this spring, and more than half said they were looking for better pay. Other workers may be driving up turnover in seeking more flexible work arrangements.

Aside from pay increases, flexibility has featured prominently in discussions about strategies employers can pursue to mitigate turnover. Experts who previously spoke to HR Dive said organizations can broaden their view of what flexibility means through discussions with workers and teams, which could help employers innovate their offerings on this front. In doing so, however, experts say employers should avoid common mistakes when adopting hybrid or other flexible work models, such as defaulting to location-based pay policies or neglecting managerial training to help leaders adjust to flexible schedules.

WorldatWork found that employers also have looked to diversity, equity and inclusion strategies in order to reduce turnover, including 20% of respondents who either modified or added a DEI program or initiative.

Elsewhere, employers may be able to bridge their workforce gaps by looking to contributors who are not traditional employees, including contract workers, freelancers and or other external contributors. Though many employers have considered this route, a recent MIT Sloan Management Review and Deloitte report found that organizations may not be prepared for increased reliance on these contributors.