July 20, 2021:
The COVID-19 pandemic shook the job market in ways never before seen. For one, it created so much uncertainty that employees who would’ve typically searched for a new job last year decided to stay put. For another, the pandemic prompted workers to take stock of their circumstances and consider what workplace perks matter most to them.
Due to these reasons and others, experts predict a “turnover tsunami” in the latter half of 2021, as workers no longer feel the need to cling to their current employers.
Reports suggest that employees who put off job searches during the pandemic are likely to resume them in earnest this fall. That’s because, among other reasons, workers are now more financially secure than they were a year ago and are willing to leave their employers for more favorable arrangements.
Employers should recognize that they have a massive opportunity if they begin open enrollment efforts early in 2021. Revamping benefit offerings can help demonstrate to employees they are valued and convince top performers who may be seeking a new job to remain.
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