While we understand it is important to positively recognize our team members, even though many people feel they don’t have the time to do so. Did you know many studies show the number one driver of employee engagement is employee recognition?
Employee recognition programs have an impact on retention. The Society of Human Resources Management conducted a study and found organizations with employee recognition programs have 23.4% less turnover than organizations without.
The cost of turnover is at least 20% of an employee’s salary. Just by implementing an employee recognition program we could save money by reducing turnover. This doesn’t have to be formal, it could be a manager sending an email acknowledging an employee for going above and beyond or being adaptable to an unexpected situation. Employee recognition is important!
“What is the ROI of Employee Recognition” Jenny Watkins, June 6, 2017