A new report from SHRM and Globoforce shows that employee turnover has usurped employee recognition as employers’ number one personnel concern. The job market currently favors employees, with more openings than workers, so employers have to get creative to keep their people happy and in their jobs. The survey also revealed that 68% of employers who run a value-based employee recognition program saw an improvement in employee retention. Here are three specific ways employee recognition reduces employee turnover and maintains (or increases!) employee happiness and satisfaction.
- Makes Employees Happier - Happy employees make clients and customers happy. Happy customers keep your business running smoothly and profitably. If value-based employee recognition programs keep your employees happy, it is almost guaranteed to reduce employee turnover.
- Improve Workplace Relationships - When recognition is made public and transparent employees see the value in each other and begin to understand what management sees as valuable. When there is teamwork in the air and camaraderie across teams, productivity is contagious.
- Boost Employee Engagement- 90% of HR professionals says an employee recognition program boosts employee engagement. Engaged employees are fully invested in their work, and frankly aren’t looking for other jobs. Engaged employees have long tenures and provide stability to their business.
Not convinced yet? For more information on how others use employee recognition to reduce employee turnover, read the full article, 3 Ways That Recognition Reduces Employee Turnover, at Huffington Post.
