“The struggle to recruit is not just in the shop floor skillsets. It goes all the way up to the C-suite.”
“To keep producing, companies had to ensure that their employees were physically safe, valued and prioritized,” said Grant Thornton Advisory Services Principal Jennifer Morelli. Beyond creating immediate challenges, the pandemic also had a profound effect on employee retention, compensation and bonus strategies.
The certain uncertainty
As we head into 2021, employers are contemplating the uncertainty that still hovers over the economy. Morelli commented, “I think it’s actually very similar to what we faced in 2020. COVID-19 is going to cause uncertainty about what’s to come, especially if you think about any continued supply chain disruptions.”
COVID-19 promises to have both short-term and long-term effects on modes of work. For some, it is unclear whether working from home will continue or how widespread it will be. When employees do continue working from home, that may have unexpected effects on work culture and ancillary effects on employee retention. For example, if some workers are allowed to work from home and others are not, this may cause friction and exacerbate divisions within companies. On the other hand, the persistence of work from home may create opportunities for recruiting. Working from home could be positioned as a perk for hard-to-retain employees, and companies could cast their recruiting nets wider to attract candidates outside of their geographies.