Brief
Discover how the emerging trend of “perk-cession” impacts employee engagement and learn strategic ways to strengthen workforce relationships and cultivate a purpose-driven organization.
Insight
In the wake of the pandemic, the working world witnessed the phenomenon of “quiet quitting” among employees, driven by exhaustion and disengagement. Now, a new trend is emerging with employers engaging in their own version of quiet quitting, withdrawing perks and support systems that were introduced during the pandemic.
This “perk-cession” is not only about cutting back on non-essential perks, but also encompasses foundational employee supports such as well-being benefits, flexible work arrangements, and compassionate work cultures.
The withdrawal of these perks and support systems is not just a return to pre-pandemic norms, but a symptom of a deeper problem: the lack of a long-term strategy in implementing pandemic-era benefits and programs.
Research has shown that quiet quitting among employees is driven by disengagement and lack of connection to the organisation’s purpose. The same applies to employers – launching programs without any connection to the company’s larger vision makes it easier to abandon them.
Employers should recognise the importance of designing offerings that connect to their vision and values in order to cultivate a meaningfully engaged workforce. As companies reassess their offerings, it is crucial to strengthen, rather than weaken, their relationship with their talent by strategically identifying the areas of vulnerability within the workforce.
For instance, mid-career professionals in mid- to senior-level management roles are valuable to an organisation’s success and workforce happiness, but they are also twice as likely to leave compared to individual contributors.Employers should take the time to ask employees what works and what doesn’t, and create new support systems that demonstrate a long-term commitment to employee development and sustainable work-life balance.
A purposeful investment in employee wellbeing results in employees who are more likely to recommend their employer and go the extra mile in their roles. Employers must consider the cost of losing their rising stars and re-engage with their workforce, connecting their efforts to a greater purpose.
This clarity will guide decisions on which perks and support systems to retain, change, or let go, ensuring a more engaged and loyal workforce in the long run.
Highlight
- Employers should recognise the importance of designing offerings that connect to their vision and values in order to cultivate a meaningfully engaged workforce.
- As companies reassess their offerings, it is crucial to strengthen, rather than weaken, their relationship with their talent by strategically identifying the areas of vulnerability within the workforce.
- A purposeful investment in employee wellbeing results in employees who are more likely to recommend their employer and go the extra mile in their roles.
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