The Great Resignation is still going strong. A record 4.5 million employees ditched their jobs in November, shattering the record set the month before, when 4.4 million called it quits. It’s a trend that makes employers anxious because replacing people in a tight labor market is challenging and expensive.  

Gallup analysts estimate voluntary turnover costs companies a trillion dollars a year — that’s a trillion with a T. But as Gallup notes, turnover costs more than money. A company’s innovative spirit, problem-solving skills and institutional knowledge can also walk out the door when employees leave.    

Create a workplace where people want to stay 

So, what can you do to keep your most valuable people on board? The key is to create a workplace where people want to stay. There are many levers you can use, starting with competitive benefits and pay. But with wages rising and a labor shortage that puts employees in the driver’s seat, pay and benefits only go so far. You’ll have to get creative to keep your best employees on the job.  

Some of the perks companies turned to in the past, like catered meals, game rooms, happy hours, etc., don’t work as well in a remote work or hybrid environment. But there are other ways to let employees know you value them. Gift cards are a great tool to improve morale and increase retention.  

Gift cards are uniquely personal — and more flexible you may think 

The feature that makes gift cards different is right in the name — gift cards are a gift. They’re more personal than money. Employees love receiving gifts, and when they use the gift card, they’re reminded of the gift again. That’s something cash can’t match.  

Gift cards are increasingly popular as holiday presents between friends and family, and you can buy cards from virtually every major retailer, plus restaurants, movie theaters, etc. Many gift card givers opt for Visa or American Express gift cards, which spend like cash but still have the personal cachet of a gift, while others opt for specific brands or experiences. The choices are practically endless.  

That said, who hasn’t received a gift card that didn’t quite fit? The good news is that gift cards are exchangeable, which makes them a flexible gift. So, if a vegetarian receives a gift card for the best steakhouse in town, they can exchange it for something they’ll love.   

Make employees feel special throughout the year 

Employers have wholeheartedly embraced giving gift cards to employees around the holiday season, but gift cards are a great way to make employees feel special all year long. During the pandemic, there’s been a major uptick in healthcare companies distributing gift cards to show appreciation to their hardworking hospital staff. 

Other types of employers that want to hang onto their best people and raise spirits during challenging times have also turned to gift cards, buying them in bulk. So, if you’re looking for creative ways to boost morale and improve retention, give the gift employees appreciate — give gift cards.