Workplace Recognition and Incentive Programs

Retention is Money in the Bank

As I mentioned in a previous post, a study by the Hudson Institute and Walker Information showed that only 3 in 10 employees felt loyalty to their employer, but…

  • Only 4 in 10 employees believe that their organization shows genuine concern for its employees
  • Less than half of the employees (44%) believe that the company cares about developing employees long term
  • Just 47% feel they are encouraged to try new ways of doing things at work.

That’s not exactly the kind of spirit that helps an organization avoid retention problems.  What will help a company stay competitive is a corporate culture that offers meaningful recognition of the efforts and achievements of its employees.  The most important thing you can do is to let people know you appreciate their work and efforts to make the company better.

Retention is aided by communicating how employees fit into the “big picture”. They must know and understand the organizational mission and their role in achieving it. Try your best to recognize them on a regular basis; send thank-you notes or acknowledge their contribution in a public setting. But above all be specific so that they understand that what they have done has benefit to and impact on the company.

When the economy is great it’s easy to motivate your employees, but when times get tough, it’s a challenge.  Communication is the key.  If the company is doing well, let employees know that.  If the company is not doing well, don’t hide that. Explain and ask for employee’s help. Employees have wonderful ideas if you will listen. Employees that don’t have any information or direction are filled with uncertainty, and that will really hurt morale. This certainly will lead to retention issues.

Every organization, whether in a recession or a boom, needs good people. Recognition has always been important in retaining them.  Companies which are successful over the long haul treat their people well, communicate and believe that recognition is one of the keys to getting where they need to go.

And it costs a whole lot less than signing bonuses or replacing top talent.

You can usually find workers to fill your payroll, but finding and keeping top tier, talented people is tough.  The problem is that some companies treat the labor element as just another strategy or silver bullet, like quality initiatives or team building.  Retention is more complex than that.  Companies consistently rated among the best have never lost sight that, ultimately, it’s your people that make the difference.  They have always believed in the People Factor.

But it is easy to lose sight of what the organization is supposed to be about when you’re busy and worried about how the company is doing.  If you have retained quality talent and kept them engaged, it becomes much less of a worry. It is just like money in the bank!

Recognition awards really help employees stay focused on what they have to do to be successful.

For more information contact us.