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Word on the Street: How Companies are Using Incentives to Retain and Attract Employees

May 23, 2023 Devon Downing

How companies are using incentives to retain and attract employeesIn the wake of the COVID-19 pandemic came the Great Resignation, when employees left their jobs for a variety of reasons, including wage stagnation, few or no opportunities for career advancement, and the lack of benefits.

I regularly speak to C-suite executives from companies of different sizes all over the country as part of my job and many of them have expressed concerns to me and my colleagues about people not returning to work after pandemic restrictions were lifted. What some of these execs have found is that one of the reasons workers have not returned is that their companies did not offer the incentives and opportunities that help employees feel like they are valued within the workforce.

What Types of Incentives are Offered to Workers?

That is one of the many questions asked by people who want to go back to work but need something more than just a paycheck and (maybe) some health insurance to do so. Feeling valued and respected as more than just a cog in a machine is important to most (if not all) workers. If they don’t get that from their employers, they may feel like it doesn’t matter if they leave. And what critically understaffed companies are learning is having a reliable, happy workforce actually matters a lot.

To prevent employees from resigning and attract new employees, companies need to offer more than just standard incentives and benefits. Here are some examples of what some companies are doing to stabilize their workforce:

I and my coworkers at Camoin Associates have seen a number of small to mid-size companies go out of business in the last few years because they were unable or unwilling to do what was needed to attract or retain employees. With nearly 3 million fewer Americans participating in the workforce today compared to 2020, many companies will need to get out of their own way and start investing in employee incentives to survive.

Offering these types of incentives can help foster greater workforce stability and a return to normalcy, and perhaps even prevent the next Great Resignation by giving employees more reasons to stick around.

Camoin Associates engagement staff speak to C-suite executives by telephone and email every day as part of the lead generation, business attraction, and business retention work we do for our clients. Learn more about our lead generation and business relationships services.