Recognition & retention : the perfect match
June 27, 2020
In today's reality of widespread freelance work and the tricky task of attracting top talent, companies are constantly evaluating creative ways to keep employees engaged. From flexible workspaces to dog-friendly offices - no idea seems too far fetched if it means maintaining employee loyalty.
You may be surprised to learn, however, that simply recognizing your employees for a job well done should be enough to keep them around. In fact, according to research gathered from Gallup, the number one reason employees leave a job is because of a lack of recognition.
The people behind your business are the company's greatest asset and should be treated as such. For those who prioritize and focus on peer recognition, the end result is well worth the initial investment.
Recognition in the workplace, in addition to motivating and encouraging employees, ultimately aids in fostering a positive and inclusive environment. Most importantly, it should leave your employees feeling valued. Who would want to stay with a company where they feel like their work is not appreciated? Nobody - exactly. Strengthen employee recognition even further by approaching it from every corner of your organization - from individuals to specific project teams and managers. Encouraging peer recognition from every nook and cranny of your company ensures consistency while also reinforcing alignment with company mission and values. The stronger an employee identifies with company mission and values, the more likely they are to be engaged and help create a positive corporate culture.
Related Article : 6 mistakes that can kill employee motivation
Technology is not only a great medium for delivering employee recognition, but it can also help you learn more about your employees and what actually motivates them. Here are a few simple ways you can leverage tech to promote a recognition-rich environment that keeps everyone engaged!
- Send questionnaires or polls throughout your company to learn what kinds of recognition are validating for your employees and what drives them in their position
- Adopt an employee recognition platform that can automate your processes and take administrative pressure off your plate
- Consider tying gamification aspects into your recognition process to encourage teamwork and friendly competition between employees
- Avoid recognition hierarchy that simply moves from management and below; promote a level recognition playing field between colleagues
The cost of poor recognition
It will not take very long for your employees to start looking at exploring their options if they feel like their hard work is not being appreciated, let alone rewarded. The cost of a poor employee retention rate and onboarding far outweighs the costs of implementing a recognition and rewards process.
When it comes to employee recognition and retention, the numbers don’t lie ;
According to findings from Gallup, only one-third of employees feel like they are recognized for a job well done at work. Perhaps even more concerning is that 65% of employees report having no recognition whatsoever.
Findings from revealed that highly engaged employees are 87% less likely to look for work elsewhere compared to their unengaged colleagues.
A staggering 47% of employees searching for work elsewhere cite poor company culture as the main culprit for wanting to leave a current position.
Based on studies from Bersin & Associates, companies who leverage recognition programs are better equipped to handle employee engagement and have a 31% lower turnover rate.
When it comes to the cost of onboarding, The Center for American Progress reports an average cost of 16% - 213% of a position's salary just to find a replacement.
Related Article : 6 ways to reward your employees beyond their bank account
Although welcoming new members to your team is always exciting, it would be pretty disappointing to learn that previous colleagues left because of something as simple as recognition. Recognizing your employees does not have to be an expensive spectacle - a quick email highlighting an individual and their work is an easy way to acknowledge team members. Regular turnover and routine onboarding are expensive endeavours in terms of time, money, and resources. The sooner an organization can realize the important role recognition plays in the employee experience, the sooner they will benefit from a fully engaged and loyal team.