Now more than ever, it’s vital that multi-horizon business leaders implement employee recognition and rewards in the workplace in order to reduce turnover and keep employees engaged.
Over the last year, an unprecedented 48 million employees left their jobs. This mass exodus is costing employers thousands of dollars in hiring and recruiting costs — up to $30K per employee. Across the country, future-focused leaders are asking themselves, “How can we retain our most valuable employees and ensure that our business remains profitable for years to come?”
The answer is simple: employee appreciation makes all the difference.
Multi-horizon leaders are quickly realizing that an investment in employee recognition will help to not only boost morale and improve company culture immediately, but it will also help you add long-term value and stability for the future.
When employees feel appreciated and recognized for their contributions—large and small—retention increases, adding irreplaceable worth to the organization for years to come.
THE IMPORTANCE OF RECOGNITION AND REWARDS IN THE WORKPLACE
“Employee appreciation” is something most business leaders claim to care about—but how many are actually implementing employee recognition and rewards programs into the framework of their organization?
There will always be some turnover within any given company. Life changes, higher wages, and career growth opportunities will always lead to churn. But while “employee recognition” may seem like a soft HR term, employee appreciation actually plays a much larger role in retention rates than you might think.
In a recent study, over half of the employees surveyed indicated they would seek new employment if they felt their work was unappreciated. Further, 66% of employees have left their job because their work was not appreciated, and 82% of employees wish they received more recognition at work.
What does this mean for business leaders? Employee recognition matters—and it could make or break your retention rates.
EMPLOYEE APPRECIATION MAKES AN IMMEDIATE IMPACT
With competing recruiters aggressively searching for top talent and making unbeatable offers, even employees who aren’t actively looking to shift gears are putting in their two weeks’ notice.
Your employees need to know that their hard work is not only noticed but actively appreciated. It has been shown that when employees are regularly rewarded for their successes, they are significantly more likely to be engaged in their work—leading to stronger business outcomes overall.
By shifting your organizational culture to focus on employee recognition, your business will reap significant benefits that can directly influence your short-term goals. Some of those benefits include:
- Increased productivity and engagement
- Improved morale
- Higher satisfaction scores from customers and clients
- Decreased stress and absenteeism
- Increased retention of talent
FORWARD-THINKING LEADERS DEPEND ON RECOGNITION AND REWARDS
While the immediate impact of employee recognition is significant, multi-horizon leaders aren’t just thinking about their short-term goals—they’re focused on long-term impact. These future-focused business leaders know that to beat turnover and retain their most valuable assets, a company culture dedicated to championing their employees and celebrating accomplishments is a must.
The bottom line? An investment in a recognition and rewards program is an investment in both short and long-term benefits for your company.
LONG-TERM EFFECTS OF EMPLOYEE RECOGNITION
Implementing recognition and rewards programs into your business is a surefire way to increase employee connection and positivity in the short-term while actively shifting the culture of your workplace, leading to long-term benefits.
Most HR professionals say their company’s recognition practices have a positive effect not only on retention but also on engagement, culture and employee happiness. By actively celebrating and rewarding your employees on a day-to-day basis, you will see increased company morale, higher productivity, and better quality of work—adding value to your organization immediately, and building over time. This leads to the retention of your best talent—culture-building employees with institutional knowledge, who can help your organization grow to its full potential.
ADD VALUE TO YOUR ORGANIZATION WITH CULTURENEXT®
At Maritz, we know that active, thoughtful solutions are necessary to achieve company goals, both long and short term. To make your employees feel valued, and decrease turnover, you must show active appreciation—show, don’t tell! That’s why at Maritz, we have developed CultureNext®—a recognition and rewards platform that encourages employee appreciation and engagement daily, for both work and personal achievements.
WHAT IS CULTURENEXT®?
CultureNext® is built on principles of behavioral science to help you create conditions that foster engagement, happiness, and ultimately retention—adding value to your organization immediately, and building over time.
More than a semi-regular performance review or employee of the month program, CultureNext®is an employee recognition platform that fosters a culture of daily recognition and engagement. When employees are seen and appreciated, not only does their quality of work increase, but the culture of the office also becomes more positive, productive and profitable—for years to come.
HOW DOES CULTURENEXT® WORK?
All the different characteristics of a valuable employee are nurtured and celebrated through the CultureNext® platform. CultureNext® uses a person-first approach, guided by Strategic Tenure™—an emerging way of thinking about investing in and developing the right employees.
CultureNext® is a forward-looking approach to company retention—perfect for leaders with strong long-term goals. Many companies spend effort (and money) fixing problems after they occur. What if you could focus on prevention instead? With CultureNext®, you can. Instead of a quick-fix solution, like a one-size-fits-all performance review or employee of the month program, CultureNext® empowers you to celebrate the many dimensions of your employee base, no matter their place in your organization or the specific task accomplished.
At Maritz, our goal is to help you create employee happiness through a culture of employee appreciation. By celebrating the accomplishments of your team, both big and small, retention rates will increase and you will not only save money, but you will also add value to your organization through thoughtful workplace culture and employee engagement. Who would want to leave a company like that?
AN INVESTMENT IN EMPLOYEE RECOGNITION IS AN INVESTMENT IN YOUR BUSINESS
Despite knowing the impact recognition can have on a business’s bottom line, many companies never take action. If you consider yourself to be a multi-horizon leader focused on your company’s long-term success, you need to take the necessary steps to implement an employee recognition program into your day-to-day operations.
With CultureNext®, we make it easy. By introducing an employee recognition program to your workplace, you can:
- Retain your best talent
- Encourage connection between employees
- Inspire productivity throughout your organization as a whole
- Save money with lower turnover and higher ROI
- Boost engagement
Limit turnover in the short term. Add considerable value to your business in the long term. Your ideal workplace is waiting. Contact us today to get started.