THANK YOU FOR SUBSCRIBING
According to a recent study, more than 90 percent of HR experts believe that having an adequate employee reward and recognition program has a favorable effect on retention, and roughly the same number believe that recognition drives business results.
Fremont, CA: With low unemployment and a strong job market, today's employees are more mobile than ever before. As per a recent study, over 3.5 million Americans quit their employment per month. This is a concerning number given how much it takes to train a new employee in terms of both money and productivity. Small firms spend roughly $1,200 on average to train a new recruit, and it takes eight to 26 weeks for that worker to reach peak output.
With this in mind, companies should be driven to retain their finest employees, and the best way to do so is to keep them engaged. Employee engagement is critical to business success, and strong workplace cultures that promote growth and community can keep employees involved in the goals of a firm. All employers should attempt to create a workplace based on shared values, open communication, and teamwork. Having said that, companies and employees are not always in agreement on what they want from their jobs. Consider the infographic below, which shows what employees and employers value at work.
So, how can employers approach their organizations holistically in order to find solutions that will retain their best personnel involved in the mission of their company?
To achieve long-term success, firms must first identify their employee value proposition (EVP). An EVP is what distinguishes a company from its competitors. For example, if a strong prospect was offered a job at two different organizations, what would persuade them to accept a company's offer over the other? Is it their link to the organization's purpose, mission, and values?
Because everyone has distinct values, it is critical to improve and develop EVP in order to attract and keep engaged and productive personnel. The recognition reflects and embeds a company's culture, shining a focus on the most influential individuals and teams and demonstrating to new employees what success looks like.
Employers can regularly convey and reinforce the company's goal while talking to employees about how to achieve success by paying people based on a value system. According to a recent study, more than 90 percent of HR experts believe that having an adequate employee reward and recognition program has a favorable effect on retention, and roughly the same number believe that recognition drives business results.