Many assume that the key to bolstering employee retention rates lies in the number of zeros added to their annual paychecks. Not only are wage increases failing to slow down the Great Resignation, but they are fuelling the wage-price spiral, where wage hikes lead to increased costs which leads to rising prices. As inflation hits a new 40-year-high of over 9.1%, this spiral is the last thing the global economy needs, and it is particularly punishing for frontline workers, the backbone of our society.
The answer to the Great Resignation is far more nuanced than blanket pay rises, for frontline workers end up being worse off – it is dampening the wage increases and inspiring employees to be proud of their work again. This principle is not a product of frivolous, rose-tinted idealism, where we imagine a utopia (or a return to the gold-star reward system of Kindergarten) in which everybody has their dream job; rather, it is rooted in concrete data.
WorkProud is committed to helping its clients create a unified approach to the employee experience by helping them build cultures of workplace pride. Trusted by millions of users at some of the world’s most recognized employer brands, WorkProud delivers a comprehensive approach to building company cultures that inspire people to be Proud of their Work and Proud of their Company.
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Every month, we share news, knowledge, and insight into what we believe is a pretty simple proposition: If you are “proud of your work and proud of your company,” you are more engaged, more productive, and more likely to stay with your company for the long haul.