The Great Resignation: How to use reward and recognition to reduce employee churn

With Australia and New Zealand gripped by a talent shortage across almost every industry, now is the time to tackle employee churn.

It may be true that the ‘Great Resignation’ as seen in other countries is upon us – but that doesn’t mean your employees will automatically jump ship. Instead, it’s more likely to be a lack of recognition, engagement and poor leadership capability that pushes them towards exploring new opportunities. That’s why now is a brilliant opportunity to take a streamlined and strategic approach to reward and recognition.

At an upcoming webinar, hosted by HRD and Reward Gateway, attendees will have the chance to learn more about successful reward and recognition strategy and the must-haves employees are looking for in today’s jobs climate. Reward Gateway’s director of client culture and engagement Alex Powell will join employee engagement consultant Evan Smith to share their expertise on creating impactful R&R.

Read more: Flexible working: Is it given or is it earned?

Speaking to HRD, Smith said balancing reward and recognition against other people challenges and priorities is difficult for many HR leaders.

“Employees are expecting more from their employer in terms of how they are supported on an everyday basis, with a focus on R&R right up there in employee 'must-haves' tied with even flexible working, so employers have to put in place a program that will get their people excited and support them in the ways that matter most in their employees' everyday lives,” he said.

“Common frustrations include timing, visibility, relevant, disappointing rewards, rewards being too generic, poor adoption and lack of support.”

Read more: Top 50 companies with the happiest employees

So what can HR leaders do to overcome some of these hurdles? Smith said importantly, it’s about putting the company’s values at the heart of recognition and using programs to bring culture to life – whether employees are in the office or at home.

“Teach your people how to give strategic recognition with tools and tactics that are tailored to you and your employees so every moment of recognition connects your people and your business,” he said.

“Give relevant, accessible and true-to-value rewards - put the employee first in offering transparent rewards so they understand the value of what they’re receiving in the first place and make it more memorable and special for them.

“Make recognition accessible to employees, no matter where they work, so it becomes part of employees’ everyday way of life. Finally, use data to highlight team and individual successes and drive your overall reward and recognition strategy to pinpoint spots that could use improvement.”

Evans will delve into strategy in even more detail at the free, virtual session being held on October 12. Both Evans and Powell will share practical case studies of how other organisations have tackled employee churn and ways to ensure 100% of employees are recognised anytime, anywhere.

Click here to see the full webinar agenda and register for your spot.