Does it seem like your employees are going through a revolving door? If you’re experiencing a high turnover rate, a new study shows that increasing employee recognition can boost retention rates. In a 2015 survey, SHRM found that employee retention was the No. 1 challenge identified by HR professionals.
You may be concerned that employee of the month or other award programs will cost you. Some companies oppose any increases in benefits. The study showed that simply acknowledging and thanking workers can help address many issues between management and their teams.
In the study, a majority of HR professionals said their company’s recognition practices had a positive effect not only on retention but also engagement, culture and employee happiness. Through further interviews with management at companies that utilized employee recognition, the survey also found that when recognition programs were linked to organizational values, the programs had the effect of making employees feel as though the company was more invested in them. Further benefits benefit of a standardized employee recognition program also included reinforcing corporate principles, strengthening the employer’s brand, and regularly meeting development goals.
Whether your business is large or small, employee recognition can be a difficult program to roll out. These programs rely on managers, so they will require well-thought-out training and measurable goals. Try to involve your management team in the decision-making process when choosing a standard program for the company.
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