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EMPLOYEE OF THE MONTH

Employee Appreciation Day amid the Great Resignation

By December of 2021, 4.3 million workers had quit their jobs. That number is not expected to lower any time soon, thanks to the lack of flexibility in hybrid work, high inflation, and competitive offerings. So it is no wonder corporate America is struggling to demonstrate to their employees — especially Gen Z and Millennials — that they are valued and appreciated. As a result, companies are fiercely trying to retain and attract talent with unique perks, signing bonuses, and out-of-the-box thinking. In honor of Employee Appreciation Day happening tomorrow, we gathered up some of their efforts.

STRESS-REDUCING PERKS

As seen in our February report Re(value)ation, a big part of the younger generation’s idea of success is to be "stress-free." This search for serenity is why perks that alleviate stress levels and focus on supporting employees' holistic wellbeing are highly appreciated. As a result, financial education, mental health benefits, 4-day work-weeks, and better work-life balance are becoming staples of the 2022 job market search and a big incentive to accept new offers. These days, it takes more than a free weekly yoga class to impress young job hunters.

SHOW ME THE MONEY

As Bharat Ramamurti, National Economic Council Deputy Director, put it, "Workers are quitting to go take new, better-paying jobs." With an inflation rate that reached 7.5%, employees are jumping on any opportunity that can provide them with a higher income for the foreseeable future. Recently, it hasn't been hard to find companies who are quite literally throwing cash at their problems; United Airlines, for example, offered up to $10,000 in signing bonuses, while others are giving the option of late paid start or even student loan repayment benefits. Yet another example is Target, which set a mandatory starting wage range of $15 to $24, establishing itself as wage leaders in the retail space.

INVEST IN MY FUTURE

The world is a scary place — especially right now — and young workers are trying to secure their future as much as they can. That's why they’re gravitating towards companies that prove they are willing to truly invest in their future as professionals and as individuals. Highly motivated by achievements, Gen Z and Millennials have defined their aspirations and want all the support their workplace can give to reach them., from fertility benefits to equity compensation to Dolly Parton's favorite (and therefore ours, too) tuition reimbursement.