Attrition hurts companies
You expect employees to show up at work full of energy and wanting to give their best everyday. Well, you couldn’t be more wrong. Research estimates show that 70% of the workforce is disengaged and sooner than later some of these disengaged employee will leave the organization. Employee turnover can be quite an expensive affair like TalentWise found out :
- Employees take 70% of their knowledge with them when they leave.
- It costs up to 150% of an employee’s salary to find a replacement.
Attrition and Recognition are interconnected
According to data from Globoforce 55% of employees accept that they would leave their current employers to join companies that have better recognition programs. Numerous other studies have also shown a strong correlation between recognition and lower attrition in organizations. This reinforces the fact that recognition is not only a strong tool to reduce attrition but also important to make sure that people are focussed and moving towards the company goals
To lower attrition start rewarding your people
1. Peer recognition
Encourage employees to take the time out to recognize two employees each month through email/votes/sticky notes on recognition board, to appreciate the effort of others in the team. You could also institute an award for employees with most recognition in a month.
2. Share success highlights
Make sure success stories are shared across departments highlighting the effort and achievement of crucial team members at the next all hands meet. Including team pics and client comments would liven up the atmosphere and add to the recognition.
3. Spot awards
Have you recently won a big contract, or received great customer feedback – you don’t have to wait for the end of the year to appreciate someone’s performance. Be spontaneous. Take a moment to appreciate the key contributors to this success. This helps team members understand the value of performance and spurs others to contribute at a greater level.
4. Frequent check-ins
Encourage supervisors to conduct one-on-one feedback sessions with their team members (You can take help of awesome tools like Duuoo). This can be a forum for employees to share where they see their careers growing in the company and allow supervisors to recognize the performance of their best performers.
5. Money isn’t the only motivation
Make sure you present the recognition publicly. Often even a letter of thanks from the CEO or a personal note from the supervisor presented publicly goes a long way in reaffirming the performer’s faith in the company’s leaders.
While creating a recognition framework, there are three important things to keep in mind.
1. Create a fair, justifiable and simple to understand rule structure which is easy to follow and motivates employees to give their best.
2. Seek continuous feedback to understand if your employees feel the recognition program is motivating enough and what would they like to see changed.
3. Make sure you have the right metrics to measure benefits of the recognition program. Set up measurable metrics which help you determine the effect of recognition program – team, geography and department wise.
How do you recognize employees at workplace? Feel free to share your stories in comments below.
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