Good employees are hard to find. They’re even harder to keep, as evidenced by rising turnover rates throughout the country. Just how high? Industry-wide voluntary turnover rates approached 12 percent in 2015, according to data shared by Compensation Force. Why does it matter so much? Let’s take a closer look at why high turnover rates are troubling, along with highlighting how extending your corporate gift giving strategies to include your employees can help reverse the trend.
The Trouble with Turnover
High turnover rates can detrimentally impact your company’s well-being in many different ways. The most obvious? Revenue and profitability. When employees leave, they take with them their contributions. Every vacant position is ultimately a loss in productivity.
But there are also lesser-acknowledged downsides to high turnover. When one staff member leaves, the tasks for which he was responsible are typically passed along to other employees — other employees who, more likely than not, already have a full schedule of daily responsibilities. Not only does this increase the likelihood that certain duties will be poorly executed or even fall through the cracks completely, but it also breeds low morale and leads remaining staff to feel overworked and under-acknowledged — a dangerous combination when the goal is to mitigate turnover.
Many companies also underestimate the cost of recruiting, interviewing, hiring, training and onboarding. In fact, this process can cost in the neighborhood of $4,000 for each and every employee you replace, according to data from Berkeley’s Institute for Research on Labor and Employment.
The Key to Employee Retention
Many well-known factors impact employee retention. These include knowing what your employees are looking for in the workplace; creating an employee-centered company culture; providing effective leadership and management; and offering plenty of room for growth.
But there’s another lesser-known, yet equally vital, way to generate loyalty with your employees and prompt them to stick around: rewarding them for their contributions. This starts with competitive compensation and a decent benefits package, but it doesn’t end there. In fact, today’s employees are looking for much more than money from their jobs. They’re looking for fulfillment and satisfaction — qualities which are reinforced when acknowledged and rewarded.
An earnest “thank you,” goes a long way, but it’s just the tip of the iceberg when it comes to implementing a comprehensive corporate gift giving program for your employees. Not to mention that, at the end of the day, they’re just words, and most employees are looking for more tangible evidence of your regard for them.
While many people think primarily of holiday gifts when they think of employee gifts, the truth is that there are near-endless reasons for an employer to gift something meaningful to an employee. Significant work anniversaries, above-and-beyond performance with clients, closed deals, and extraordinary teamwork are just a few of the reasons to say “congratulations, “good job,” or “your work is appreciated.”
One last thing to keep in mind when it comes to maximizing outcomes for your employee recognition program? While rewarding employees for their tenure isn’t a misstep, basing your entire employee giving strategy around tenure may well be. According to research from Bersin & Associates, companies with recognition program aimed at enhancing employee engagement had 31 percent lower voluntary turnover rates than their peers.
Said CEO Josh Bersin,
“This new research highlights a huge opportunity for companies to redirect existing expenditures to programs that significantly influence engagement and retention. The findings also suggest that recognition programs should align with an organization’s comprehensive performance management strategy to drive business results.”
While bottom lines are tight today for most companies, the takeaway is hard to deny. The return on investment of recognizing employees with gifts far outweighs the upfront investment.
The Best Corporate Gifts for Employees
We’ve established that turnover rates are a problem. We’ve also established that employee gift giving is a proven solution. But if you’re like many people, you may be holding back from embracing corporate giving for one simple reason: You’re not sure what to give.
There’s good news, however. Choosing the right gifts for employees doesn’t have to be a complicated or fussy process…If you keep a few key things in mind, that is.
For starters, employees aren’t looking for just any old thing or shiny trinket. According to the results of a survey conducted by the Advertising Specialty Institute (ASI), utility is paramount. Today’s recipients don’t want a plaque to hang on their wall, they want something meaningful that they can use. This is consistent with an overarching societal trends that finds people placing higher value on experiences than on things. It’s also just one of the reasons why gourmet food gifts remain a top choice for so many bottom-line minded employers.
Other reasons why gifting food is a good idea? The fact that it can be personalized to suit the specific tastes of the recipient is huge. After all, what honors someone better than a gift demonstrating that you took the time to get to know them?
Another benefit of food gifts? They’re sharable. Whether the recipient takes it home to nosh on with family and friends or decides to host the entire team for brunch or an ice cream party, a shareable food gift uniquely acknowledges that we are living in a sharing society.
But just as average generic gifts are a no-no in any context, the same principle applies when it comes to gifting food. That’s why finding the very best food gifts online can mean the difference between making your employees feel truly valued and making them feel like afterthoughts. Thanks to the prevalence of gourmet foods online, you — and your employees — don’t have to settle for anything less than the best. Shop gifts and much more at FoodyDirect today.