The gestures of Employee Appreciation Day are great, but this is what employees really want.
Friday is employee appreciation day.
Some employees may have read a nice email from their boss to start the day, received a surprise gift, or discovered a “thank you” posted on the company’s Facebook page.
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But that leaves some workers feeling a little cooler, especially as inflation remains uncomfortably warm. Those who stayed with their jobs saw significant pay increases over the past year, but the increases were even larger for those who switched jobs.
While those who stayed with their jobs saw a 5.5% increase in wages through January, those who moved saw a 7.7% increase in wages, according to the 12-month moving average from the Reserve Atlanta Federation.
The latest inflation rate fluctuates between these two percentages: the annual inflation rate stood at 6.4% in January.
For years, pay increases for those who switch jobs have outstripped the pay increases for those who stick with their jobs. But the major reshuffle of the labor market has caused division. In January 2022, the pay increase for job stickers was 3.7%, while it was 4.7% for job switchers.
More than anything, people want peace of mind and certainty, a survey of 30,000 workers by Qualtrics, an experience management company, shows. Employees want to know that their jobs are safe, that their organizations will continue to be successful, and that they are paid fairly for the work they do.
Bottom line: employees want and expect to be compensated fairly for the work they do — and that reflects their performance, the survey said. “But worryingly, just over half are really satisfied with their salary and benefits” – 57%, down from 67% a year earlier, the report added.
“Companies need to pay more to retain employees in times of high inflation. In a growing number of states, payment transparency laws require them to show job seekers and employees what they’re willing to pay.“
Some good news: Despite the increasing number of layoffs in the tech sector, the January jobs report clearly reaffirmed that it is is still a job seeker’s market, According to some experts on the labor market.
Workers, bosses, investors and policymakers will get a different look at the hot labor market for February in next Friday’s jobs report. Economy added 517,000 jobs in January, beating economists’ expectations. The Bureau of Labor Statistics said average hourly wages rose 4.4% on the year to $33.03. That growth rate fell from 4.8% annualized a month earlier.
Companies know they need to pay more to retain employees in times of high inflation. In a growing number of states, transparent law payment Ask them to show job seekers and employees what they’re willing to pay.
Wages are projected to grow 4.6% this year, up from 4.2% in 2022, according to a report. compensation forecast from WTW
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an international company with specializations including human resources.
But are these types of pay raises enough to make employees feel appreciated on Friday and all workdays? It all depends.
Sure, there are strong reasons beyond salary as to why people stay with their current jobs. A higher salary doesn’t necessarily guarantee good bosses, a positive work culture, or an attractive job.
Meghan Stettler, director at OC Tanner Institute, a company with software and consulting services to support clients’ employee reward efforts, said there are important reasons why companies should spend their time Time to thank employees on Employee Appreciation Day.
But it wasn’t the only day, she said.
She writes: “Research shows that occasional moments of recognition, whatever their value, have no lasting impact. “Smaller, more frequent gestures for monetary, non-monetary, and company-wide recognition over time will be much more meaningful and valuable.”
Stettler says employees need to be appreciated in some form three times a month for those employees to feel attached to the company’s structure and work culture.
But a gift goes a long way, she said. In a separate study by the OC Tanner Institute, Stettler said that “gifts of the equivalent of $50 to $250 per employee are the most likely to increase engagement.”
“Organizations would do better by cutting their budgets into more consistent, frequent experiences rather than spending on one big celebration,” she writes.
