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Employers should put this current trend to good use, experts say. The slowdown in attrition offers them a great opportunity to strengthen their retention practices, and that may be critical, Lewis emphasized — especially since attrition could bounce back “very quickly.”
Lewis pointed to Microsoft’s latest Work Trends Index, done in collaboration with LinkedIn, which found that 46% of professionals globally said they’re considering quitting in the year ahead, up from 40% who said the same thing during the great reshuffle.
“It’s during these moments of reacceleration that those who are prepared win market share,” added LinkedIn Chief Operating Officer Daniel Shapero. “By taking some simple steps now, you can put yourself in a stronger position to retain and attract the right people for the next inevitable reshuffling of talent.”
Melissa Jezior, president and CEO of Eagle Hill Consulting, gave similar advice in a statement accompanying an April report from her firm. The report showed that employee confidence in their organization’s leadership, culture, compensation and job market opportunities rebounded during the first quarter of 2024.
Productivity can improve when fewer employees resign, Jezior said. But this doesn’t mean employers should retreat from monitoring employee engagement initiatives because economic conditions can change quickly, she added.
The slowdown in attrition also allows employers to take a more strategic approach to hiring, a Robert Half exec stated in February with the release of a report on the slowdown.
Surveyed employees told the talent solutions and business consulting firm they were staying with their employer for several reasons, including that their current job offered a level of flexibility they weren’t willing to leave. They also said they felt fulfilled in their current role and well-compensated for their work.
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