Innovative Ways to Increase Employee Retention and Engagement
The Challenge of Employee Retention
As businesses navigate one of the strongest job markets ever, retaining valuable talent emerges as a constant challenge. The United States had one of its best years for jobs being added to the U.S. economy, according to Yahoo Finance, leaving the door open for employees to find positions that best suit their needs. In the current environment, employers don’t just compete on compensation, they compete on workplace flexibility, culture, benefits packages and more.
Traditional benefits approaches centered around financial incentives or sales goals often fall short in fostering long-term commitment and engagement from employees.
Retaining top talent is a perpetual challenge for organizations in today’s competitive job market. Beyond competitive compensation, the need for unique strategies to keep employees engaged and committed has never been more crucial.
Engaged employees are not just assets; they’re the driving force behind companies’ success. Their commitment translates into increased productivity, creativity and a positive workplace culture, fostering environments where employees thrive and feel valued. When employees feel undervalued and engagement is low – particularly in the current job market – they’ll usually find opportunities at different companies in hopes to land a job where they do feel valued.
Live Events as Employee Rewards
One innovative approach that can proves to be beneficial for employee retention is offering live event tickets with access to concerts, sporting events and other cultural events. According to a recent study by Dale Carnegie and Associates, companies need to create an emotional connection with their employees to be able to increase employee engagement.
One way to foster emotional connections with employees is providing an option for employees to experience their favorite sports teams, artists and events in person. Shared experiences with coworkers or loved ones build camaraderie in the workplace and establish a sense of community – not only within the organization but on a personal level too.
In a recent study from The Harris Poll on behalf of TFL, research showed that 72% of consumers agreed “it feels good to connect with others at live events.” The same survey found that even though 72% of employees wished their company provided free or discounted live events as a benefit, only 24% of their employers do.
As worker expectations shift, live events present a new opportunity for employers. Beyond being a source of entertainment for consumers, live events serve as a channel for deepening connections. When employees are offered this as a benefit, live events can become more than just a reward; they can create an emotional connection that empowers workers and creates a pathway for companies and brands to drive loyalty, increase employee retention and boost revenue.
With higher employee retention and engagement comes a more motivated and driven daily work output. Employer-provided live events access is not only convenient for employees but also serves as a source of motivation. The Harris Poll and TFL found that three in five workers agree that the availability of live event tickets as an employee reward would inspire them to go the “extra mile at work.”
This simple initiative can save money through employee retention and be a driving factor for increased revenue if employees are motivated to put in the work every day.
The traditional methods of employee retention are evolving, and live events present an exciting frontier. By embracing the power of unique and memorable experiences, organizations can cultivate engaged, satisfied and loyal employees. The ripple effect of such an approach extends beyond individual job roles, it shapes a workplace culture where employees are not just contributors but enthusiastic participants in the shared journey of success.
