Turning The ‘Great Resignation’ Into The ‘Great Retention’

The ‘Great Resignation UK’ isn’t a new term that’s emerged in the last few weeks, it’s the worrying, new term that deftly describes the global response of workers to the Covid pandemic, company culture, wage stagnation and ongoing cost of living crisis. It is the précis for: a mass resignation, change of jobs, search for a new way of life, desire for hybrid working, better pay and improved job satisfaction. Welcome to the challenges of 2022…

In the US, it’s called ‘The Big Quit’, with Microsoft Work Trend Index (2021) saying, “With over 40 per cent of the global workforce considering leaving their employer this year, a thoughtful approach to hybrid working will be critical for attracting and retaining diverse talent.” In Germany last summer, over one-third of the country’s companies reported a staff shortage, while the UK reported more than 1 million vacancies were available. So what does this summer look like for the UK’s staff retention?

HR Professionals Are Feeling The Burn

Most professionals working in HR, recruitment, talent acquisition or in sectors affected by the ‘Great Resignation’ will feel the new pressure to understand how to improve their company’s chances to retain and recruit staff.

Love2shop has one of the UK’s best-selling reward and recognition platforms. In the last year, Love2shop has increasingly been approached by a raft of sectors to discuss how their gifting rewards can be used to galvanise remuneration packages to attract new talent (and retain it), or more recently, help recognise the cost of living challenges being faced.

Through the enormous choice of retailers and brands on the Love2shop gift products – stretching from luxury ones like John Lewis for a ‘treat’ or essential shopping brands such as Iceland, Argos or Heron Foods – Love2shop can provide ‘something for everyone’. This allows companies to buy in volume but not limit anyone from finding something to suit their needs.

It also reflects well on a company when it allows its employees to choose. When companies reward with an actual product, (think bottles of bubbly or bunch of flowers), it means an essential food shop is out of the question – and that might serve employees better right now. Equally, you never need to know so they can do it with dignity – and gratitude.

Four Million US Workers Have Quit Jobs Since 2021

The gravity of the job situation can’t be over-emphasised; many companies, large and small, face very real challenges to business growth as a direct result of being under-resourced and unable to attract into their industry the right sort of people. In the US, for instance, over four million workers quit their jobs since the post pandemic reset began in 2021. And in some global sectors, the average pay has been forced to sharply rise making smaller companies less able to compete in the recruitment face-off.

Boost Packages And Attract Staff With Reward and Recognition

How do you compete in the smaller pools of talent? Or engage and support your employees? Are there internal conversations exploring how to help them during this cost of living challenge? Now is a good time to make some decisions about quick but meaningful fixes that will retain and engage loyal employees or galvanise monthly income as its value dwindles in the face of our economic situation. And if you do want ‘something for everyone’, please contact our business team – everyone’s a good egg and happy to walk you through ideas.

Read our previous blogs…