Using Employee Recognition to Prevent Workers from Quitting

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Using Employee Recognition to Prevent Workers from Quitting

Guest Blog by TINYpulse
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"Your values mean nothing when they only live on paper." http://bit.ly/1bhHsoN via @Justmeans @TINYpulse

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Friday, April 24, 2015 - 4:00pm

CAMPAIGN: CSR Blogs

CONTENT: Blog

Remember in grade school when everyone received gold stars for doing great work? Now let’s do some comparisons. If a school kid does great work but doesn’t get a gold star, what do they do? They throw a tantrum. On the other hand, if an employee does great work but doesn’t get recognized, what do they do? They quit.

But turnover is unbelievably expensive. Recruitment, training, loss of productivity — they all add up. Consider what TalentWise found in their report:

  • When employees leave, they take 70% of their knowledge with them
  • To replace an employee, it costs up to 150% of the annual salary associated with that position

If it costs that much to replace one single employee, imagine losing multiple workers over the course of one year. Of course, there’s one commonly overlooked tool that many organizations seem to forget about. And that’s employee recognition.

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Keywords: Innovation & Technology | Diversity & Inclusion | Employee Engagement | Justmeans | TINYpulse | organization values

CAMPAIGN: CSR Blogs

CONTENT: Blog

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