One of the biggest costs a company can incur is the cost that comes through Turnover. There is the cost of the disengaged and often unproductive employee, the cost and time of finding a replacement and the cost of onboarding the employee. Employee recognition can go a long way to reduce this Turnover.
According to the Center for American Progress, the average cost of losing an employee is 21% of that person’s annual salary. Companies often look to payroll or advertising budgets when they need to cut costs. What about the cost of a disengaged employee? This is a cost that should not be overlooked.
When employees feel that their hard work is being recognized and that they are valued, engagement levels increase dramatically.
There is no one best way to recognize an employee, as every employee gets motivated by different means. Companies who have the best programs have done so by modeling it after what their employees want.
How do they know? By asking them.
One of the benefits of having a strong recognition culture, is that employees often thrive in this environment.
GetVoip.com, a Cloud Communication Advisor, surveyed over 1,000 people to understand which types of recognition they value most. Using this data, they’ve put together a list of tips and ideas for you to use to reward the top-performers at your company.
The Most Valuable Employee Recognition Tips and Tricks
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One of the alarming stats from the Infographic is that 49% of employees are dissatisfied with the recognition they received. This means that unless you understand what your employee considers recognition, your efforts may be in vain. Or worse, it may leave them disengaged.
It is not every company that has the financial means to provide monetary rewards. As the Infographic shows, there are other methods that work.
Remember that employees working for companies that have a culture of recognizing their employees are seven times more likely to stay.
Invest some time today in asking your employees what type of recognition works best for them.