Throughout the past few years, it’s become increasingly difficult for business leaders to retain employees. Failing to maintain engagement in remote and hybrid work environments hurts your bottom line — because the cost of replacing an employee is higher than the cost of retaining one.

Engagement requires creative thinking. That’s where live events come into play.

How Employee Engagement and Retention Help Your Bottom Line

Employee engagement and retention impact the bottom line. Turnover for one employee can cost a business up to nine months’ worth of that individual’s salary, according to PeopleKeep.

Engaged employees are also more efficient. Low productivity is a red flag for turnover, and intervening early with effective engagement strategies can make a huge difference. A healthy corporate experience leads to high-quality output, longer employment times, and healthier relationships with peers and managers.

A positive workplace experience includes:

  • Welcoming and optimistic company culture
  • Vibrant HR or employee relations team dedicated to the workforce
  • Professional development opportunities
  • Strong leaders, mentors, and hiring managers
  • Benefits, rewards, incentives, and other tangible perks

Live events improve each of these aspects.

Infographic: How to Use Live Events to Improve Employee Engagement and Retention

Benefits of Using Live Events as an Engagement Tactic

Employees’ experiences both in and out of the workplace shape their decision to commit to an employer for the long haul. They feel more valued when they have opportunities to engage personally, professionally, and socially.

When leaders use live events like festivals, concerts, and games as engagement tools, employees enjoy experiences they’ll remember for a lifetime — and they’ll always recall which company treated them to those experiences.

Personalizing the perk also fits the engagement equation. For example, if a particular department always watches the NCAA College Basketball Tournament together, a manager might provide tickets to those games. This small act shows that leaders care about their employees’ interests and want to connect on a deeper level.

Examples of Ticket Use to Enhance Employee Engagement and Retention

There are many creative ways to leverage live events. Maybe your company wants to host an internal competition using tickets as a grand prize. Managers might offer two-day festival passes and a hotel stay to the sales team that exceeds multiple goals per quarter.

Or, you might use the “surprise and delight” method. If there’s buzz about an event coming to town, a company might pre-purchase several tickets and hold an office giveaway in which all team members have the chance to win.

In these examples, the ROI is twofold. Employers build a strong relationship with their employees, and employees enjoy a once-in-a-lifetime opportunity outside the workplace thanks to their company.

How Does Employee Ticket Credit Work?

For organizations that want to increase employee engagement and retention through live events, Ticketnology’s Employee Ticket Credit is as simple as it gets. For an annual fee of $99, a company assigns a yearly dollar amount to each employee. Employees then use this pre-set amount to access tickets for upcoming shows and events of their choice.

When an employee wants to purchase a ticket, they simply reach out and Ticketnology applies their credit. A company is only billed for the ticket purchase if and when an employee uses it, so no subscriptions go to waste. If, for example, a company employs 300 people but only five employees use the program, the company only pays the $99 annually and the five-person credit fee.

Giving employees the freedom to choose which live events they attend is low-cost and low-risk. Companies that choose not to pursue season tickets can implement this unique benefit to engage employees while keeping costs at manageable levels.

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Don’t Wait! Improve Employee Engagement and Retention With Live Events

Water cooler conversations and Zoom “icebreakers” may help, but in a competitive job market, there are more exciting ways to improve employee engagement and retention.

Help employees find the incredible shows and games they actually want to attend. Book a Ticketnology demo today.