When it comes to HR department functions, there’s nothing more important or fun than leveraging the best of an organization’s human capital. After all, HR pros are the gatekeepers of talent, and they set the tone for their organizations. That means recognizing what you really want out of employees. No one wants to excel at a job but receive no praise. When that happens, people move on and turnover increases. Recognition is central to success in every way.
A Deloitte study found that effective employee recognition programs are linked to a 31 percent reduction in voluntary turnover. Recognition is also key to overall engagement. According to Towers Watson, managers feel that strong employee recognition programs can drive up engagement by as much as 60 percent. Recognition lets employees know not only that they’re doing well but also that their efforts have been noticed and appreciated.
Many managers think that their top employees leave because other companies have offered them more money. However, only 12 percent of employees who take a new job are receiving more pay. The remaining 88% are leaving for other reasons, and insufficient rewards and recognition programs are one of them.
The good thing is that avoiding the pitfalls of poor recognition is easy. There are a multitude of ways to recognize employees ranging from a simple thank you to a beautiful custom award to a gift certificate. What matters is that you give your recognition program the attention it deserves.
Whether that means overhauling what you’re doing now or starting a new program, make the most of it by working with partners who really get recognition. Contact us today!