Even in bumpy economy, companies not laying off workers | Saying "thank you" to workers can help reduce turnover | 21 reasons why the future of work is about more than jobs
Recent upheaval in the economy, including labor strikes, has not changed one factor: businesses have not stopped hiring and are doing what they can to keep the employees they have. Unemployment remains low, and hiring exceeds job-quitting, according to the Labor Department.
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In a time when many employees say they feel "overworked" and under-appreciated, companies can reduce attrition by thanking workers "by name" for their individual efforts, and providing cash rewards or regular company gifts, writes Heather Wilde, chief technology officer for consulting firm TheDifference. "Let them know you've seen the difference they've made for your business, and reward them accordingly," Wilde says.
Older millennials are on pace to replace nearly 60% of their pre-retirement income after they leave the workforce, compared with about 50% for members of Generation X and the youngest baby boomers, according to Vanguard. The trend is explained by the fact that many millennials started saving in 401(k) plans earlier in their careers, partly as a result of automatic enrollment initiatives.
Michael Gibbs, CEO of Go Cloud Careers, discusses job security in the technology field amid widespread layoffs and how tech jobs are affected by AI. Gibbs sees enterprise, cloud and AI architects and IT professionals with deep expertise as fairly immune to replacement, while back-end engineering is one job he says can be outsourced or replaced by AI: "Artificial intelligence can code almost as well as an average programmer and doesn't need time off, get sick or ask for a raise."
Coaching can help with amazing transformations, but it often doesn't work for a litany of reasons -- but the top one is lack of motivation, leadership expert Susan Fowler writes. "Motivation is at the heart of everything people do -- and everything they don't do but wish they did," Fowler writes, adding that "the difference between suboptimal and optimal motivation is central to coaching success."
Every few weeks, I’ll buy coffee cards for my team. It’s usually a Monday or Friday and I’ll pop into our team Slack channel with a “I need coffee. Anyone else? I’m buying” note. I will get a fast chorus of “Me!” notes or hand-raising and coffee cup emojis. Everyone gets Starbucks cards for $5.00. I choose a different card for each person and add a personlized note calling out something he or she has done that I appreciate.
Today’s Recruitment & Retention story talks about the importance of expressing gratitude to the folks on our teams. It can be anything from shoutouts in meetings to gift cards to surprise year-end bonuses. The practice helps stave off burnout, lets employees know you see their efforts and keeps them motivated.
How do you say “Thank you!” to your teams? I could use some ideas, big and small. How often do you do it? What’s generated the most appreciation from them? Let me know! And if you enjoy this brief, tell others so they can benefit also.
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