85% of companies that spent 1% more on employee recognition saw a positive impact on engagement.
The report indicates that 49% of employees are dissatisfied with the recognition they receive. It may be beneficial to send out a survey to all employees (which they can complete anonymously) to learn what motivates them. Monetary bonuses were most valued by 49% of staff surveyed while extra vacation or paid time off ranked second at 19%. Depending on factors such as the age of your employees, their motivators may differ so it’s important to learn more about your team before implementing a recognition program. Happy employees are more engaged with your business and will strive to provide an excellent customer service experience which is key to customer loyalty and satisfaction.
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.
Once you understand what makes your employees tick, consider implementing an employee recognition program within your workplace (easy to setup in your Loyalty Gator account) to take your employee recognition to the next level. Depending on your organization and structure of your rewards, you may wish to make your program more “fun” (maybe even create teams) and post an updated status report in the lunch room so staff can engage with each other and plan their next achievements!