Companies spend countless hours and thousands of dollars to recruit and onboard a new employee. In fact, some studies (such as SHMR) predict that every time a business replaces a salaried employee, it costs six to nine months’ salary on average. With all that time and effort going into getting a new employee onboard, it would be a shame not to have a system in place to reduce employee turnover and ensure employee engagement is high.
The first step is to instill an employee recognition culture.
My sons Nathan and Wyatt were doing their homework in the kitchen while I was finishing up on some emails for work. Wyatt, my youngest was having some difficulty with his French when Nathan offered to help. Pretending to be concentrating on my work, I was listening to my sons’ interactions.
Every time Wyatt was getting further along with his homework, Nathan would encourage him further.
“Great job Wyatt.” “That’s great! You got it right.”
When he would get something wrong, “You can do it. What do you think is the next step? Good job.”
At an early age, we understand the importance of recognition. Somehow, as we get older and busier, we can forget the impact that some positive recognition can have.
The following Infographic shares, “A Guide to Employee Recognition”. Created by RPG Card Services, it can help any company create their employee recognition culture.
It is hard to ignore the importance of Employee Engagement with the facts shown in section 1:
- 85 percent of companies spending 1 percent or more of payroll on a recognition program report a positive effect on engagement.
- Praise beats financial incentives for 67 percent of employees.
Make your recognition program a part of your company culture and you will quickly see a rise in employee engagement.
Follow the 6 Steps to Build an Employee Program in Section 2 as a start.
- Sell It
- Assess and Improve
Does your company or the company you work for do a great job of recognizing their employees?