One in four U.S. employees plan to leave their employer as the COVID-19 pandemic subsides. That number is even higher for Millennials and employees with children at home in remote learning situations, with one in three planning to jump ship once the pandemic is over.
The findings are based upon the 2020 Eagle Hill Consulting COVID-19 Employee Burnout Survey conducted by Ipsos.
Prior to March 2020 when the pandemic triggered an economic shutdown and massive layoffs, employers were experiencing high rates of job switching. But since then, quit rates reached their lowest level in nine years. Then between April and August 2020, the U.S. Bureau of Labor Statistics data show that the number of employee-initiated separations decreased by 27 percent compared to the same period in 2019. Now, many industries can expect a resurgence of turnover as employees likely will feel they can make job moves that they have put off for the past year.
“Company leaders are still knee-deep dealing with the pandemic, but they have to look ahead to fend off a talent tsunami,” says Melissa Jezior, president and chief executive officer of Eagle Hill Consulting. “Now that vaccinations are underway, there’s light at the end of the tunnel for employees. We all are feeling a sense that work will return to some sense of normalcy and the economy will rebound. And that means employees again will feel confident looking elsewhere for a job.”
“Further complicating the issue for employers is that more than half of the workforce feels burnt out, much of which can be attribute to the COVID-19 work environment. This means employees may be even more motivated to make a move. Companies need to think differently and strategically about how they’re going to hold onto their top talent. Otherwise, it will be even more difficult for a business to bounce forward in a post-pandemic economy,” Jezior explained.
Strategies for retaining workers in a post-pandemic environment are detailed in The Employee Turnover Tsunami is Coming research, available here.
The 2020 Eagle Hill Consulting COVID-19 Workforce Burnout Survey was conducted online by Ipsos from November 12-16, 2020. The online survey included 1,003 respondents from a random sample of employees across the United States. The survey polled respondents on burnout and retention in light of the COVID-19 pandemic.