People today want to know that their companies care about them, they want to understand and align with their company’s purpose, and they want to be respected. Does your employee engagement strategy consider these factors?
You’ll hear people talk about the high cost of turnover, but the actual costs are largely hidden. They won’t be visible on your P&L. Things like lowered productivity, overworking the remaining staff, and potential loss of business. Not to mention the cost of recruiting, interviewing, and training new talent.
Getting your recognition and reward strategy right can help you keep your best talent thriving, meaning you’ll see better results. You’ll also find it easier to attract and keep the right people at the right costs for your business. There is more to a reward strategy than paying as well as, or even better than the competition. Incentives and recognition programs have a long-established track record of augmenting the employee value proposition and providing employee retention benefits. Building an employee recognition and retention strategy that is focused on your company’s culture and values is a great starting place.
