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#59: Work-Life Empowerment
The One Minute For: Insights on Employee Retention, Expert Tips for Managing Turnover, Strategies for Work-Life Balance
Art Voloshyn
June 11, 2024
IN TODAY’S EPISODE 👀
Audio Version of This Episode
 4:34 |  Audio: #EPISODE 59 |
THE ONE MINUTE TO GET INSIGHTS ✨
by SHRM
 | Why Workers Are Quitting |
1:21 | Audio: #EPISODE 59-1 |
In 2023, 27% of U.S. workers quit their jobs, costing employers nearly a trillion dollars. Labor market experts predict a Great Resignation 2.0 in the near future, which will likely increase turnover rates even further. Major reasons for this include a lack of career development, work/life imbalance, and health or family issues.
Causes of High Turnover
The primary drivers of high turnover are a lack of career opportunities, insufficient work/life balance, and unmet employee needs. The rise in employee expectations for personalized engagement and flexibility has also contributed to this trend. Experts emphasize that employees leave when critical needs aren't met and trust is broken.
Improving Retention
To combat high turnover, companies need to offer clear career development paths, enhance flexibility in work arrangements, and personalize employee engagement strategies. Providing opportunities for both professional growth and personal interests can significantly improve retention rates.
Organizations should support managers in understanding and addressing individual employee needs, fostering a culture of empathy, and aligning personal goals with company objectives.
THE ONE MINUTE OF EXPERT VOICE 🎙
 | Preparing for the Great Reshuffle 2.0 |
1:15 | Audio: #EPISODE 59-2 |
Nearly 85% of people in the U.S. are considering changing jobs in 2024. Daniel Shapero, COO at LinkedIn, highlights the risk of a new wave of high employee turnover, referred to as the Great Reshuffle 2.0. As the economy stabilizes, employees who felt stuck during the pandemic are now considering job changes. Key Insights:
About Career Growth:
 | "Employers can reduce attrition by putting employees, particularly top performers, in new roles every 24 to 36 months. This approach helps keep their work interesting and promotes professional growth". |
About Recruiter Support:
 | "Recruiters represent your company to candidates, and it’s critical that they feel passionate about working with you. Recognize and appreciate your recruiters to keep them motivated and effective". |
About Advanced Tools:
 | "Investing in advanced technology and tools like generative AI is critical. AI helps recruiters scale quickly to meet demand by automating mundane tasks and enabling them to focus on connecting with potential candidates". |
About Proactive Measures:
 | "Higher attrition rates are coming. It’s during these moments of reacceleration that those who are prepared win market share. Take steps now to retain and attract the right talent". |
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LET’S PRACTICE 🧪
 | Achieving Work-Life Empowerment |
1:03 | Audio: #EPISODE 59-3 |
Modern workplaces are embracing work-life empowerment, focusing on giving employees more control over their work and personal lives. Traditional work-life balance is evolving into this broader concept, recognizing the need for flexibility and well-being.
How to Do It
1. Offer Flexible Work Arrangements.
Provide remote work, flexible hours, and compressed workweeks. These arrangements allow employees to manage their work schedules alongside personal commitments, enhancing job satisfaction and productivity.
2. Implement Technology and Tools.
Use video conferencing, project management platforms, and cloud-based document sharing. These technologies support remote work and enable employees to collaborate efficiently from any location.
3. Promote a Supportive Culture.
Foster an environment where employees feel valued and supported. Implement programs like Employee Assistance Programs (EAPs), mental health resources, and wellness initiatives to support employee well-being.
4. Provide Financial Wellness Programs.
Offer resources for managing personal finances, such as financial planning workshops and access to financial advisors. This helps reduce financial stress, improving overall employee well-being and productivity.
5. Encourage Career Development.
Offer training programs, mentorship, and clear career progression paths. Providing opportunities for professional growth empowers employees to take control of their career trajectories and enhances retention.
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