How companies can navigate high turnover and focus on productivity

With as many as 4.5 million workers leaving their jobs in March and the number of job openings hitting a high of 11.6 million, the competition for labor continues. Although the U.S. labor force participation rate has recovered from its worst, it still remains well below pre-pandemic levels. Companies are prompted to examine how their workforce can be incentivized, activities that drive cost and trigger turnover, and ways of attracting and retaining labor. 

The following are five levers that can form the basis of implementation when improving workforce retention rates and productivity levels. 

1. Pay

Paying by units produced instead of hours leads to performance incentive and creates a way to better link labor costs to output

2. Tasks

Eliminating, automating, or transferring undesirable tasks from critical roles and transitioning them to roles that demand less training and expertise

3. Job Simplification

Simplify existing tools and processes to enable shorter ramp-up time and/or avoid costly training and onboarding costs

4. Scheduling

Reducing variation and uncertainty in employee schedules to promote better work-life balance

5. Access to Management

Internal connections and access to management to improve retention and company culture

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