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Jul 21'

How a Rewards and Recognition Program can help you Retain Talent during the Resignation Boom

Having to step away from fast-paced routines, long commutes and days in the office as a result of the COVID-19 pandemic, many people were given the opportunity to reflect on their lives, goals, and career aspirations — some for the very first time. 

Following this period of introspection, more and more people are now stepping away from careers and roles that they now recognize they were disengaged in. In Canada, 130,000 people left the workforce. We see the same trend happening in the US, where in April 2021, nearly four million people quit their jobs, the most on record. 

There’s still more to come of this resignation boom. According to a Microsoft study, 41% of workers globally are thinking about quitting their jobs. To gear up for this shift and avoid the high costs of employee turnover, employers all over the world are looking to double down on their employee retention efforts and follow employee engagement trends that motivate staff, especially when they’re working remotely.  

In this post we’ll cover how implementing a strong rewards and recognition program can be a great way to arm your organization against the great resignation

employee rewards

3 ways a rewards and recognition program can help you retain your employees 

1. Building loyalty 

When you implement a rewards and recognition program and do it right, you can expect to see a lower rate of voluntary turnover. OfficeVibe’s State of Employee Engagement poll found that organizations that give regular recognition experience 31% lower voluntary turnover. Recognition matters even more to the millennial demographic too. In the Staples Advantage Workplace Index, a study of office workers in the United States and Canada, 28% of millennials reported that feeling appreciated contributes to their loyalty. 

Implementing a rewards and recognition program is the way to make your employees feel seen, valued and appreciated enough that they have no reason to leave. And there are many different ways you can choose to do this. For example, you might want to create customized awards that make sense for your organization, like a safety award, performance awards, employee of the month award, or team player award. You might also want to reward behaviour that reflects your organization's core company values. Better yet, you can even consider peer-to-peer rewards so that employees can thank each other for a job well done that management may not always see. 

It’s up to you how you want to set up your program, but either way, you’ll find that the more you make your employees feel appreciated, valued, and seen, the more loyal they will be to your organization and the less likely they are to entertain offers elsewhere. 

rewards and recognition program

2. Maintaining a strong corporate culture 

Employees are at more risk of leaving an organization if they don’t feel like they’re involved in something unique. A Jobvite survey found that 32% of new hires who quit within the first 90 days of their employment cite company culture as their main reason for leaving. Having a strong corporate culture is then a key way to keep employees feeling engaged and happy in their roles. 

At the moment, HR departments are challenged with how to keep corporate culture alive while offering remote work or flexible working arrangements since culture is usually most experienced through in-person company events like town halls, award ceremonies and celebrations. Implementing a rewards and recognition program, particularly one that lives online, is one way to make sure staff still feel connected to your corporate culture even when working from home

Some of the best employee rewards and recognition software out there simplifies the process of bringing these events online by handling everything from invites to thank you notes for awards nights, departmental lunches and team-building events. You can also automate important events like anniversaries and birthdays and have your team celebrate together by engaging with the platform. 

Employee rewards

3. Giving a sense of purpose

Employees are less likely to pick up and move on to pursue other passions and ideas if they feel that the work that they’re doing in your organization matters. Purpose is of even greater importance to younger generations. In a Monster study, 74% of Gen Z said that their work should have a bigger purpose than simply earning a salary.

With this in mind, we know we can hold on to more employees if we can reinforce that the work they do counts for something. A rewards and recognition program is a very simple and cost-effective way to do this. By rewarding staff for behaviour that reflects your company’s vision, mission, or values, employees will feel a greater sense of purpose in their roles and be less likely to move on to something else. 

As people reconsider their choices, now is a more important time than ever to pivot and help make sure your employees are happy, motivated and engaged. For more information on how to set up a rewards and recognition program that works for you, contact us

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