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.
Read the full International Business Times article here.
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