BEYOND COVID-19: WHY COMPANIES STILL NEED TO FOCUS ON RETENTION

Many employers had to make very difficult decisions around employee layoffs, striving to keep high-performing employees that can take up any slack and position the company positively as the economy begins to recover. While the idea of voluntary turnovers may be unusual to HR professionals right now, companies should be keen to retain their well-performing employees and not lose them to a competitor. While merit increases and incentive plan payouts have been decreased or in some cases suspended, having an eye on retention strategies will support continued employee engagement. Being transparent about the company’s financial health and how it is managing compensation during the crisis, while being sensitive to individual employee needs that are unique to the pandemic, will position the company positively as the economy begins to recover.