Staff turnover is a continuous problem for every type of business. It is often a factor in a company’s failure rate. Companies are advised to treat their staff fair and invest in retention strategies that will make them feel valued. An Employee Recognition and Reward Programme would provide all the building blocks to setting a culture of employee wellbeing.
Covid-19 has had a devastating effect on the daily lives of people but also their jobs and careers. While the pandemic took millions of lives, the economic crisis was responsible for the decreasing number of jobs available. Employees have had trouble finding new jobs and, in many cases, had to settle for unsatisfying jobs.
Many employees feel unappreciated in their current jobs, and as a result, they search for new positions that are more promising in terms of career growth.
According to Mail & Guardian, there were 2,2 million people who lost their jobs in the first hard down lockdown in 2020. The fear of unemployment and the seemingly unending economic slump led individuals to believe that leaving a job would have been more harmful than beneficial.
Now in 2022, employees are taking a ‘leap of faith’ by resigning with immediate effect. Could it be that their working environment has worsened? Due to an increase in employee turnover, businesses need to consider taking actionable steps to retain staff.
Staff turnover is a continuous problem for every type of business. It is often a factor in a company’s failure rate. Companies are advised to treat their staff fair and invest in retention strategies that will make them feel valued.
Although salary increases do not always lead to employee retention, top management should resolve the underlying issues through looking at implementing a recognition and rewards programme.
Recognition is a key factor in staff retention. According to Vantage circle, 90% of HR respondents say an effective recognition program drives business results. 91% of HR respondents agree a rewards programme contributes positively towards staff retention.
Today, we live in a remuneration-led society. Showing that you value an employee’s contribution to your business helps to boost morale and retain valuable talent. WOW Marketing offers tailor-made engagement programmes that will develop and reward staff members for their excellent performances in the workplace. Some of WOW’s programme modules include:
+Nominations
+Scratch Cards
+Trolley Dash
+Deskdrops
+Product pop Quizzes
A company can benefit greatly from a variety of creative-thinking modules. Implementing a Recognition and Rewards programme will help foster great relationships between employees and will further create a high-spirited work environment.
Employees will feel appreciated, valued, and thoroughly enjoy their work.
Contact WOW today for more information.
