A recent study revealed that companies experience a much higher turnover rate if they’re not offering what employees secretly desire.
What is it employees want? Recognition/rewards programs.
Turns out companies with subpar appreciation programs have an average attrition rate of 10.5%, three points worse than the 7.2% attrition rate at companies with top-notch programs, according to a study of 573 HR pros by Bersin & Associates, a research and advisory firm.
But there’s also a catch: To be an effective program, it can’t be focused on tenure, like those that give out a watch for being with the company for 25 years.
Rewards and recognition given to employees for achieving business goals or exemplifying the company’s mission and value do much more for employee morale, said one of the Bersin researchers.
But unfortunately, 87% of the HR pros who took part in the study said their company’s recognition programs focus on tenure.
What employees want
The study also polled 261 employees.
Two noteworthy findings from the employee poll:
- Many value recognition that speaks to a specific action they took rather than general praise for a job well done, and
- Recognition doesn’t have to come from managers for it to have an impact. It can come from co-workers, too.
A final thought Berin’s researchers offer: Remove barriers to employee appreciation — such as paperwork and upper-level approvals. Companies that make it easier to recognize top performers will see more positive results.
This article was syndicated via RSS from: http://feedproxy.google.com/~r/hrmorning/~3/RQUkjaGg2zE/