Strong employee retention is the sign of a strong company. The best companies in every industry are the ones who do not have a high turnover rate, but instead take care of their best employees so that they stay for the long-term.
Furthermore, dealing with toxic employees from within is the most optimal way to maintaining a healthy workplace environment, which in actuality brings the turnover rate down.
You can’t grow as a business if you’re constantly losing your best people. According to the Center for American Progress, the average cost of losing an employee is 21% of that person’s annual salary. For example, losing a worker who makes $40,000 per year would cost your company roughly $8,400.
Keeping your best people should be a priority. One of the best ways to improve retention is by ensuring you’re adequately recognizing employees who are performing above and beyond their standard responsibilities.
But how do you know which types of recognition or rewards are best-suited for your employees? By asking them of course!
We surveyed over 1,000 people to understand which types of recognition they value most. Using this data, we’ve put together a list of tips and ideas for you to use to reward the top-performers at your company.
Every company wants to keep their best employees.
However, many businesses struggle with appropriately recognizing employees when they’ve done an exceptional job. Following the tips listed here will help you build a playbook for effectively recognizing employees and keeping them happy and fulfilled at work.
The most important part of properly recognizing employees is to ask them how they want to be recognized—every person is different, so you want to make sure you’re offering recognition that resonates with the unique individuals that work at your company.
Recognize your workers when they’ve gone above and beyond and you will have a more productive workforce and company.
In addition to employee recognition, employees also thrive when they feel like they fit in with a company culture. To promote this, make sure you hire team players. A collaborative environment with encouraging managers rather than toxic managers will further promote a sense of belonging and employee satisfaction!