HR’s overlooked employee retention tool for 2023
Employee engagement is one of HR’s top priorities for 2023. But, what’s needed for a future-proof strategy that drives better productivity, retention and overall commercial success? We explore recognition and reward as an overlooked tool to unleash in the new year.
An intense market.
With 50% of HR leaders anticipating a boost in the competition for talent over the next 6 months, the race to attract, hire and retain the best people continues to intensify. However, with 35% of employees predicted to leave their role in the next year, engagement strategies are, now more than ever, just as crucial as hitting hiring targets. To drive employee retention and avoid painful rehiring and retraining costs, 47% of HR leaders are rightly placing employee experience within their top 5 focuses for 2023.
So, what underpins an effective employee engagement strategy?
A worrying 79% of employees say they are unhappy at work, and 44% report leaving their last role due to a lack of recognition and engagement. With meaningful workplace recognition, employees are 5x more likely to envisage a future career path within the organisation. Despite the evidence for recognition and reward programmes boosting employee retention, they remain under-utilised on HR’s list of engagement tactics. But with productivity boosting by 31% when employees are happy, People teams must revolutionise their engagement offer if they want to future-proof their workforce.
How can HR leaders deliver a meaningful engagement strategy?
Enter: the power of technology in revolutionising employee recognition and reward.
Recognition and reward programmes must no longer be seen as an ad-hoc, ‘nice-to-have’, but as a commercial imperative for businesses looking to optimise productivity, competitive edge and the overall bottomline.
However, traditional programmes are often sporadic and are resource-heavy for internal teams to deliver, resulting in a clunky experience for a privileged few employees. Rippl revolutionises this.
We believe in unleashing the power of your people through leveraging technology to deliver at-scale, around the clock impact to worldwide employees. That’s why Rippl’s platform combines all corners of recognition, reward and benefits, so HR leaders can build, deliver and evidence a seamless engagement strategy with a difference.
Through a virtual community branded to your business and bespoke features personalised to your employee needs, your people are empowered to be their best. Rippl optimises your employee experience and lets the in-platform data do the talking to showcase engagement, productivity and retention.
We partner with global players such as Mercedes-Benz and Asda and put the magic back into employee engagement by recognising and rewarding the key moments – big or small. Which is why Rippl users are 66% less likely to leave their jobs. Happy people, even happier businesses.
Why be average when you can be more?
70% of large employers are rethinking their reward and benefits offer in 2023. Grab a coffee and check out our Ultimate Guide to Recognition and Reward to:
- Examine the business case for recognition, reward and benefits in driving workforce productivity and commercial outputs.
- Understand the 4 key levels of recognition and reward.
- Explore all corners of our platform buying checklist to effectively meet your employee and business needs.
- Learn how to build an effective strategy proposition and formulate a compelling pitch to budget holders.
Fancy chatting further or want to check out a free demo? Get in touch.
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