Employee Retention through Rewards and Recognition Programs

Did you know that every year, companies lose $450-500 billion due to disengaged workers and overall low employee engagement? Employee engagement is crucial to the success of the employee as well as the company. Disengaged workers are not as likely to put their best foot forward in being productive at work. It is the company’s responsibility, to help engage and connect the employees to their company goals and objectives. So, why else is a Rewards & Recognition Program important?  

There are numerous reasons. First, it improves the overall employee engagement within the company. The more engaged the employee the more likely the employee is to feel connected to the company. Second, it reduces turnover. Employees are more likely to stay where they feel their needs are getting met. An employee who is recognized is 63% more likely to stay at the current job within the next 6 months.

Next, it increase’s productivity. As all employees when feeling satisfied at a company will simply want to give back more. Business Productivity increases by 31% when employees are happy.

Then, it boosts employee morale. Happier employees make just that happier employees. This will be reflective in their day-to-day interactions via email, verbal and telephonically. Finally, what all companies should strive for is reinforcing quality performance. Did you know that 92% of workers are more likely to repeat a specific action after receiving recognition for it? It goes back to when we were in school. Good behaviors get gold stars, and we all want a gold star!

When companies introduce programs, it is important to remember that they should be frequent and visible. When employees see that you are dedicated to offering rewards and recognition they will feel more connected to the success of the organization overall. You will want a program that helps drive company culture, employee expectations, work output, engagement, and retains top talent. Motivated employees create a positive team working environment!

There are numerous types of rewards and recognition to offer employees such as service awards, peer to peer recognition, management awards, employee recognition, performance based and more. Workway prides itself in their rewards and recognition program it offers its internal staff.