How Companies Can Navigate “The Great Resignation”

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Danni Rush, COO of Virgin Experience Days, Virgin Incentives and Virgin Experience Gifts

April 4, 2022





This year seems to be the year when the most people are ready to change their lives and embark on new adventures, with three in four employees considering resigning in the next 12 months and one in seven Londoners considering moving out of the city .

As more and more people are ready to make lifestyle changes post-pandemic, there is more talent available and companies have the opportunity to make some great hires.

How to attract and retain the best employees
To help with retention, you need to make sure you pay employees a fair wage, be open to salary negotiations, and consider other reward options, such as an annual bonus and experiential experiences.

We recently surveyed 2,000 employees across the UK, and 53% of employees felt “very appreciated” if they received a bonus from their employer, demonstrating that additional reward options can lead to happiness at work and an overall reduction in staff turnover. If you’re a company looking to recruit, having a strong benefits and rewards and recognition program will help you stand out from the crowd, increasing your chances of getting great new hires.

Invest in a benefits package
While salary packages and bonuses will play a role in retaining and attracting top talent, employee reward packages don’t always have to involve money. Business leaders should also consider improving employee benefits offerings. Simple perks such as a workplace pension plan, gym memberships and flexible hours are great, but in 2022 you should look to add additional perks that are more creative and exclusive – and, above all, that reflect the landscape of post-pandemic work.

As most companies are now adopting a hybrid work model, upgrading your benefits package to include regular team bonding days and out-of-office experiences, such as team escape rooms , will help differentiate your business from others, while ensuring your employees feel valued and nurtured. among their teams.

A benefits package that puts the social needs of the employee at the center of their concerns will not only benefit the employees, but also your company as a whole – people will build better relationships between their peers, your internal culture and your Morale will improve, which in turn will lead to lower staff turnover.

Prioritize wellness programs
The pandemic has accelerated flexible work arrangements, but it has also thrown a spotlight on employee wellbeing, with more and more business leaders taking extra steps to protect their employees from burnout and overwork.

With the intensification of competition in the job market, it is now essential that companies continue to invest in the well-being of employees. Consider introducing wellness days, implementing wellness sessions, and recognizing days of mental illness.

We have invested in this ourselves and offer our employees a paid subscription to the Mindfulness app, Headspace. We also encourage wellness sessions, such as chair yoga and we organize team walks so we can give the whole team an afternoon off, where we can all hang out. outside of the office and practice some much-needed relaxation. The conversation around wellness is going nowhere and those that retain and attract top talent will be the companies that lead the conversation.

The big resignation will rumble this year and resilient companies will be those that identify the need to strengthen their benefits, rewards, recognition and well-being initiatives – and be bold with what they offer employees in 2022.

Companies that successfully adapt and put people first will really shine and be in a unique position to retain and attract some of the best talent.

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