The Great Resignation Continues
4.2m workers quitted their job within October of 2021, stats recorded by the US Bureau of Labor Statistics. In an article written by the workplace expert WeWork, we know that consulting firm PwC suggested searching for a better wage was the number one reason people are quitting, corresponding with an article from the Washington Post. Another reason for quitting among women is work flexibility. Undoubtedly, many quitted after reassessing their priorities in life. It is not difficult to tell the above reasons were potentially the results of the pandemic, despite a few opposing discussion.
With the Omicron variant goes viral again starting from winter, we are already seeing numbers of confirmed cases hit new record highs over and over. Many of the employers may have a pessimistic view on the future trend of employee retention. If no actions are taken by businesses, the Great Resignation is very likely to continue and even accelerate in 2022, whether covid is the actual cause or not.
Finding the Solution
The bright side of the problem is that there are solutions to the problem. Ian Cook, a writer of Harvard Business Review asks employers take a data-driven approach in solving the problem of short employee retention.
By quantifying the turnover rate, identifying the root causes, and developing a tailored retention programs, companies still stand a chance of creating a positive work environment. Although the responsibility of calculating numbers and finding the correlations between compensation and other stats like tenure and training opportunities is on employers themselves, we can borrow lessons from articles written by human resource industry leaders. The gold is already there, only the implementation part is lacking.
Summarizing from these articles (Paycor, HBR, & SMB), discussion have been around three major themes: responsibility, recognition & respect, and flexibility.
Despite the concepts seem straightforward, satisfying all the needs is extremely difficult in practice. Thankfully, there is one proven way that makes it possible to achieve the end goal, meeting most of the internal and external desires of employees at once.
According to Archer Chiang, the CEO and Founder of Giftpack, the experience of individually-tailored gifting is helping company in combat with the Great Resignation. “We see higher employee retention in those companies using our service”, said Chiang.
There are numerous benefits in corporate gifting, reducing turnover, boosting morale, and generating more leads are some concrete examples. If businesses can evaluate their gifting needs and choose the right tool, gifting can be a great controllable solution to low employee retention rates.
Make Gifting An Ease
For most corporates, gifting never comes with ease. Time spent on gifting is the major problem in business sectors. In an example of handling 200 gifts, which is a common amount of gifts in employee gifting, it takes approximately 1,400 minutes (equals to almost a whole 24-hr-day) to finish all the tasks before gifts are sent out. Not to mention there are other problems derived like customs, shipping, and refund.
“On average, our clients saved 95% of time in gifting”, according to internal reports by Giftpack. In addition to saving tons of time, Giftpack’s AI algorithm comes in handy and ensures businesses are making the right move in creating meaningful connections, by sending individually-tailored gifts.
Nonetheless, when evaluating gifting needs, time is not the only factor to consider. Other factors include service coverage, API integration, and pricing. If you’re running an international corporates, you also want to make sure the gifting service company provide international shipping without extra cost.
Echoing the point using data-driven approach to solve problems that Ian made in the article on Harvard Business Review, Giftpack provides all the data that managers of gifting campaigns need to know. Clients are able to track every single step after a quick launch of gifting campaign, and even download gifting ROI report for businesses to gain actual numbers and make further statistical calculation.
The vision of Giftpack is relatively simple comparing to the complex AI algorithm: create a gifting engine for everyone.
With the help of AI tech by Giftpack, people can always get the best gift recommendation without geo-gap, language barrier and even culture issues plus the global logistics in one place. Giftpack now provides free demo and trial for you to have a taste of the most-advanced gifting technology. Sign up your business account for free today at Giftpack AI.