PPB September 2021

Pr emi ums & I ncen t i ves The Ultimate Prize Retaining top talent is an important goal for every business. With premium products and eye-catching incentives, business leaders, human resource departments and marketing professionals can recognize and motivate their invaluable workers, who are now expecting more from their jobs and employers. by Kristina Valdez A great employee is a priceless treasure. But for businesses, losing talented teammembers can be incredibly costly. According to Gallup, U.S. businesses are losing a trillion dollars a year due to voluntary turnover. The cost of replacing an employee can range from one-half to two times the employee’s annual salary. As return-to-work plans take effect, 95 percent of workers are now considering changing jobs, and 92 percent are even willing to switch industries to find the right position, according to a report by job site Monster.com. Although the U.S. Bureau of Labor Statistics reported there were six million fewer resignations in 2020 than in 2019, likely due to uncertainty because of the pandemic, a turnover surge is under way. In March, the national turnover rate was 2.4 percent, the highest quit rate recorded for that month in 20 years. After a disruptive year, many professionals are reevaluating their work, and deciding whether their job adds to their pursuit of greater meaning and fulfillment. 44 | SEPTEMBER 2021 | GROW