The Great Resignation and how your business can prepare

You may have heard that the Great Resignation is here. Perhaps it has already hit your organisation. Research shows that 40% of Aussies are planning to change jobs. Experts believe there are several factors contributing to this lack of employee engagement.
Some employers are resorting to rewards programs to help with employee retention. Employee recognition has been undervalued and maybe it’s time to fix this?
Here are some of the reasons why it's happening and what you can do about it.

Employees Seeking Flexibility In Work Environment

Now that lockdown restrictions are over, some companies are demanding their workers come back into the office. But, employees are no longer accustomed to the old 5 day work week at the office. Employees like to work from home. The idea of returning to the physical office isn't sitting well with all employees. Retaining top talent and attracting new talent requires businesses to become flexible.
When trying to manage and engage teams virtually, two-way communication and feedback is critical.
Make sure your business and its employees engage through regular updates. Provide them with polls and opportunities to give their opinions and feedback.

Lack of Employee Recognition

Managing a team virtually is not the same as managing a team in person. Personel and team leaders needed to adapt their methods in order to meet their workers' needs remotely.
Developing a culture of peer-to-peer recognition will be key to maintaining a positive work culture. Overcoming any barriers related to employee recognition while managing teams remotely is essential.
Implementing performance incentives, robust recognition, and a rewards program is important for employee retention. Employees want to feel acknowledged and recognised for their contribution to the company.
If you don't do so already, consider adding recognition features to your company. Performance incentives are one of the best ways of accomplishing this.
Performance recognition is important. You can give monetary incentives to your employees. These can operate in a similar manner to a customer reward program. Employee loyalty is just as important (if not more) than customer loyalty.

Employee Benefits and Rewards Programs

Employees want more than just a paycheck each month. Or, some well-deserved recognition when they go above and beyond.
More and more employers are now providing their employees with benefits. Benefits for employees include discounts on grocery and fuel gift cards. These are great ways to show your employees you care.
What’s more, many employers in Australia are offering additional perks to their employees, such as discounted movie tickets, travel deals, dining and other offers.
As an employer, it’s important to find ways that show your workers you see what they do as you couldn’t do it without them. Retaining employees is key to company growth and morale.

Employee Engagement For Employee Retention

Australian employees anticipate rewards and benefits from their employers for a job well done. This is one of the best ways to retain employees and have high employee engagement.
These perks go a long way in helping employee recognition be a reality at your workplace.
If your business needs help with combatting The Great Resignation, EonX has the solutions. Contact us today to chat with an expert.