Retention reward | Is THIS the secret to getting staff to stay?

Job-hopping has become a feature of the workplace now – job-to-job moves in the UK hit a record high of 994,000 in the period of January to March 2022. As the “Great Resignation” shows no sign of slowing down, that figure may well climb upwards and break the record in the next quarter, too.

This means that talent retention is one of, if not the top issue on most employers’ agendas. As Pilita Clark writes for the Financial Times: “Here in London, it is starting to feel notable to come across someone still doing the same job at the same organisation with the same phone number that they had before Covid.”

She adds: “[B]osses are doing what I did in an earlier life when fate cast me briefly into a job in management. They are doing their best to throw money and promotions at would-be resigners to convince them to stay.”

But is this the right move – to use the reward package to change the mind of those who are thinking of leaving?