It seems employees aren’t being put off that there may be fewer jobs available because of layoffs and hiring freezes companies are implementing.
In fact, 56% of the 1,000 US workers surveyed by 15Five said economic factors would influence their decision to leave. Burnout and flexible working were the other leading reasons pushing employees to resign.
When asked the top things they would change about their workplace, employees ranked work-life balance as number three – it came in behind pay and health benefits.
While the 500 HR leaders surveyed by 15Five ranked work-life balance as the top concern for employees. Coming in second were health benefits then growth opportunities were the third priority.
The impact on HR teams
Unfortunately, HR is not just being challenged by the attrition crisis and the need to work hard to retain workers.
They are also struggling with balancing a focus with retention with the fact they are having to do layoffs and hiring freezes at the same time due to the economic environment. One in five HR leaders told 15Five they were planning to cut jobs, while 35.8% had rescinded job offers because of a hiring freeze.
They are feeling pressures from the leadership’s financial constraints and the emotional toll of doing layoffs. In fact, 42.2% told 15Five they felt anxious, 30.2% felt burnt out and 16.8% were prepared to quit over their role in communicating job cuts to workers.
Ultimately, in this challenging economic environment, leaders and employees are both looking to HR for guidance and support. But HR also needs support; data and technology can really help here.
15Five vice-president of people and culture Jennie Yang commented: “The fluctuating economy means HR must be prepared for either retraction or growth while ensuring top talent doesn’t quit.
“HR is also expected to support managers in keeping their employees engaged and productive despite any upheavals happening internally within the organization or externally within society.
“We have found that HR teams that leverage data and insights are finding success navigating this volatile environment.”
According to 15Five’s report, “Data-driven insights coupled with tech-enabled platforms help HR ensure that policies and programs have the intended effect, communication with and between managers and employees is fluid and ongoing, and employees meet performance goals and are compensated accordingly.”
Ultimately, successful HR teams now and in the economic downturn will be those who embrace “new solutions that promote engagement, productivity, and wellbeing,” according to Yang.
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