10/08/2024

Navigating the Turnover Tsunami

Here are some strategies for employee retention

The aftermath of the COVID-19 pandemic has unleashed unprecedented shifts in the workforce landscape, leading to what some have termed the "turnover tsunami." The Economic Policy Institute reported a record high of 4.5 million resignations per month near the end of 2021, not dropping back to pre-pandemic numbers until the end of 2023, calling it the Great Resignation. The most common reasons cited for quitting over that period were wage stagnation, cost of living, limited advancement, hostile work environment, lack of benefits and inflexible remote-work policies.

With remote work becoming the new norm, retaining talent has become more challenging than ever, exacerbating the importance of culture within organizations. Raybourn Group International's (RGI) Kim Paugh, CAE; Nick Estrada, CAE, CMP; and Mark McSweeney, CAE, had an opportunity to present to a group of peers within the association management space on this topic during the AMCs Engaged conference in Montreal.

RGI, a four-time recipient of Indiana’s Best Places to Work, offered case studies illustrating how intentional approaches to employee retention can achieve a thriving workplace culture through strategic hiring and onboarding processes, robust feedback structures and comprehensive growth plans for staff.

Please select this link to read the complete blog post from RGI's Mark McSweeney, CAE.