NEW YORK–With most credit unions either having settled upon their post-pandemic work policies, or are still experimenting with various approaches, at least one analysis is suggesting there are “damaging consequences” from of the mandated return to office.”
A trio of reports cited by Entrepreneur.com— the Greenhouse Candidate Experience Report, the Federal Reserve's Survey of Household Economics and Decisionmaking (SHED), and Unispace's "Returning for Good" report — “collectively paint a stark picture of this brewing storm,” according to the report.
“Unispace finds that nearly half (42%) of companies that mandated office returns witnessed a higher level of employee attrition than they had anticipated,” Entrepreneur reported. “And almost a third (29%) of companies enforcing office returns are struggling with recruitment. Imagine that — nearly half! In other words, they knew it would cause some attrition, but they weren't ready for the serious problems that would result.”
‘Staggering Number’
Perhaps they should have, the report added, noting that according to the same Greenhouse report, a “staggering 76%” of employees stand ready to jump ship if their companies decide to pull the plug on flexible work schedules.
“Moreover, employees from historically underrepresented groups are 22% more likely to consider other options if flexibility goes out the window,” the report added.
‘Gravity of the Situation’
Meanwhile, the SHED survey makes “the gravity of this situation” even more evident, according to Entrepreneur.
“The survey equates the displeasure of shifting from a flexible work model to a traditional one to that of experiencing a 2 to 3% pay cut,” Entrepreneur reported. “In the game of talent acquisition and retention, flexible work policies have swiftly emerged as the queen on the chessboard — commanding, decisive and game-changing. The Greenhouse, SHED, and Unispace reports — when viewed together — provide compelling evidence to back this assertion.”
“Greenhouse finds that 42% of candidates would outright reject roles that lack flexibility,” Entrepreneur noted. “In turn, the SHED survey affirms that employees who work from home a few days a week greatly treasure the arrangement. It's like enjoying a day at the beach while still being connected to the digital world.”
Luring Employees Away
What’s luring employees away? The Greenhouse report found:
- Increased compensation (48%)
- Greater job security (34%)
- Career advancement opportunities (32%)
- Better flexible work policies (28%)
- A more positive company culture (27%)
“In other words, excluding career-centric factors such as pay, security and promotion, flexible work policies shine brighter than the Vegas Strip in employee desires,” the report stated.
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