Don’t Let ‘The Great Resignation’ Sweep Through Your Company
The U.S. Labor Department reports that more than 12.7 million Americans quit their jobs in just the last three months as the so-called “Great Resignation” continues gathering momentum. In a recent Job Seekers Mindset report from Engage2Excel, 58% of survey respondents say they are highly likely or likely to work for a new employer within the next six months.
A television news outlet in Toledo, Ohio recently invited viewers to post their stories about why they quit their jobs to the station’s Facebook page. Dozens of people responded, and some of their responses should raise big red flags for any company’s leadership teams:
- “I wasn’t being compensated for the years I put in. The time that we’ve been putting in… I realized my worth and went to get another job.”
- “I quit my job because I felt like I wasn’t being fairly compensated for the work that I was doing.”
Translation: workers want to be recognized and rewarded for their hard work in ways that go beyond their salaries, wages, and scheduled bonuses. They want to feel that their employers appreciate and value them.
Implementing a formal employee incentive program is proven to help staff cope with stress and feel more motivated and engaged. It must include these three key components:
1. Make it public: Put your employees in the company-wide spotlight. Celebrating and rewarding an employee’s accomplishments and hard work in front of their colleagues not only makes them feel valued, it will inspire and motivate their colleagues to earn special recognition too.
2. Provide a choice: Don’t just hand out physical or e-gift cards from one brand. Giving employees the opportunity to select their reward from multiple brands makes the reward feel more personal and special.
3. Instant delivery: Allow recipients to choose how they receive their rewards – could be via email, text, a retailer’s mobile app, or even direct deposit to their bank accounts. And make it happen quickly – no lines, no waiting.
At Virtual Incentives, we are dedicated to helping companies drive employee engagement, recognition, and retention by providing virtual and physical rewards that are easy to send, simple to redeem, and fun to use. We custom-build the program and delivery methods to meet your needs.
Together, we can help boost your team’s efforts and morale with one easy program. If you’re ready to learn more about our industry-leading employee incentive programs or to start building one of your own, let’s talk about how we can help.