As the year winds down, it appears that employee resignations will continue at precedented rates into 2022. This event may be known widely as The Great Resignation, but many HR professionals and people leaders would, instead, err towards calling this current moment in employment history The Great Reshuffling.
“What’s the difference?” you may ask.
Well, employees aren’t solely quitting their jobs — they’re finding new jobs that are more in line with their working styles and preferences. This is a fundamental perspective shift for employers, as it takes the focus off of solely those who are leaving, and creates a broader perspective to account for retained and new employees as well. The idea of employee engagement programs isn’t only to help potentially disengaged employees re-engage but to create an ongoing, manageable strategy to keep employees engaged. The power of engaging employees that chose to stay can increase productivity and team morale which can subsequently positively impact new hires.
What can we learn from retained employees?
While most discussions and articles around the Great Resignation highlight the employees who are leaving, some of the most influential people in the current employment climate seem to be ignored — the employees who are staying. 1 in 4 employees may be quitting their jobs this year, but what about the other three? Those who chose to stay during one of the hottest markets for jobseekers indicate they have high company loyalty and are likely more engaged. Furthermore, it’s no secret that employee retention can have a direct impact on the organizational bottom line and long-term culture. HR departments would be well served to connect with those employees for insights. Employees who leave are often allowed to provide feedback during an exit interview, but many companies don’t offer the same opportunity for those who remain.
Stay interviews have become an increasingly popular tool used by companies to assess employees’ likelihood of staying and gather candid feedback about the workplace. Although the name implies an interview-like event, if employers want to provide an anonymous opportunity, they can also offer interview-like surveys that can be completed online. Stay interviews can provide new insight into the level of employee engagement and what employees find important while simultaneously creating a culture of mutual communication.
And what can we do to keep those who are new?
Employee retention begins at onboarding.
According to a recent Careerbuilder survey, 1 in 10 employees has left a position due to a poor onboarding experience. Conversely, a report from the Society of Human Resource Management states that 69% of employees are likely to stay with a company for three years if they have a great onboarding experience. Historically, onboarding is viewed as a one-way conversation focused solely on the needs and expectations of the company. However, as tides change, employees expect companies to allow for flexibility and working-style preferences as appropriate — it’s best to start these conversations right at the beginning during onboarding.
Creating a two-way onboarding process develops a culture where employees feel valued and heard. Additionally, onboarding can be a great time to learn about specific ways employees like to be recognized or incentivized. Something as simple as an optional survey with questions such as the employee’s favorite snack, coffee order, and even favorite store can give employers important information about personalized ways to recognize an employee’s hard work.
Ensuring Employees Feel Valued
The types of rewards or incentives that employees appreciate are as diverse as an organization’s workforce. Because of this, many HR departments may feel as though they’re experiencing enhanced pressure to reassess or redevelop a rewards and recognition program. Yet, as HR departments face increased challenges such as employee recruitment, shifting regulations, and general day-to-day duties, the thought of developing a rewards and recognition program that employees connect with may seem daunting. Historically, many of these programs have been complicated, expensive, or simply offered very little in the way of personalization or diversity of rewards. At least, that’s how it used to be.
Technology platforms and creative brand marketing have developed new and innovative rewards options. Prizeout Perks, Prizeout’s employee recognition and incentives platform, is a terrific example of an easy-to-use and cost-effective program that puts the power of rewards into the hands of employees. Prizeout Perks gives employees access to a curated marketplace with exclusive deals and promotions from top brands. When an employee receives a reward through Prizeout, they have the option to redeem the funds with the gift card(s) of their choice. Plus, there is no technical integration or connection to ancillary software required and no up-front cost except for the money that goes directly to the employee.
Interested in learning more? Sign up for Prizeout Perks or get in touch with us at inquiries@prizeout.com.
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