Global employee turnover rates have reached over 40%. In the UK, the CIPD says our rate is lower at around 35% – but that doesn’t alter the fact that UK employee turnover has still increased by 7.7% in the last four years.
Employee retention rates in the public sector are traditionally higher. However, many public sector organisations still face challenges of their own. In January this year a report by the Institute for Government showed that churn in the civil service is at its highest level since 2010. It’s been widely reported that staff turnover rates are worryingly high in UK schools and the NHS, particularly among younger staff just starting out in their careers and considering their long-term options.
The result is that many organisations now have significant challenges with extra recruitment costs, loss of knowledge and the impact of churn on productivity and morale. They also need to consider provisioning for extra training and maintaining consistent customer and internal relationships.
How Select can help
Employee retention is a multi-faceted challenge, however there are simple and easy to use solutions that can play a significant role within the mix.
Here’s how our Reward Gateway | Edenred Select platform can help:
- Reward and recognise employees with Select eCodes
Research from Gallup has shown that employees who receive great recognition are 20 times more likely to be engaged as employees who receive poor recognition. That makes them much more likely to stick around – and it’s really quite simple to do. With our Select platform you can easily set up and send eCodes which employees can swap for a huge range of eGift cards and gift cards. - Make rewards more frequent
In past years, reward and recognition were often given out at the end of the year or to mark major milestones. Partly, this was because older processes made it difficult to provide immediate recognition. With Select you can send a digital reward eCode of any value, to any recipient and in any location in minutes for a more engaging and instant reward experience. - Tie reward and recognition to your values
Select enables you to make it personal. With customisable email templates that cover a wide range of scenarios from a regular thank you to festive celebrations, birthdays, long-service awards and more, you can send a message of thanks in your own words, and in your own brand. You can get creative too while linking reward to your values. Here’s what our client PAUL did:
“Whenever a colleague’s nomination for a reward is approved, we send them a branded rubber duck that relates to one of our three core values. They then send us a picture of themselves with their duck to trigger the reward, and we post the picture on our internal social network. We wanted to create a bit of a buzz around our rewards – and it’s worked. Everyone wants a duck!” - Give people choice
People much prefer it (and are more engaged) when they can spend their reward on whatever they like whenever they choose. Participating retailers in the Select platform include John Lewis, Currys, M&S and hundreds of other grocery, retail, leisure, and hospitality outlets. - Foster a sense team spirit
Savvy organisations intent on reducing turnover also build team spirit by encouraging line managers and colleagues to regularly nominate their peers for a small (or even bigger) thank you for a job well done. Once the nomination is approved, administrators can easily use Select to set up and send out the reward the same day - so the moment and sense of appreciation isn’t lost. With 50% of UK employees saying they don’t get appreciation for their work, this is a gap that definitely needs to be bridged.
