Let’s face it; employee retention is a problem. According to the Department of Labor statistics, the average tenure of an U.S. employee is only 1.5 years. The cost to replace a salaried employee is estimated to be 6 to 9 months’ salary or more for higher salaried and executive employees. Businesses need help. They need to keep their top employees.
The first step is to understand why employees are leaving. Glassdoor’s recent Employee Appreciation Survey, reported that more than half of employees would stay longer at their company if they felt more appreciation from their boss. Is it really that simple? Let’s take a closer look at what Glassdoor calls the Power of Employee Appreciation.
We are raised to say thank you from a young age, yet we forget to say these simple words to the people who help our businesses run. Think about it. Everyone plays a part, whether small or large, in a businesses success or failure. Happy employees often mean a more successful business. Glassdoor’s survey found that 81% of employees would work harder if their employer showed them appreciation for their efforts.
The thought that an employee should be happy they have a job doesn’t work anymore. Fear doesn’t work. Employees expect to be appreciated, so if businesses want to be successful they must meet that expectation. This can happen in a variety of ways from pay raises to company perks like telecommuting.
Another great way to show employees they are appreciated is with employee reward and recognition programs. The important consideration one must make when choosing a recognition program is the type of reward the employees want. Don’t choose a program based on tenure when your average employee is not staying long enough to achieve it. Instead, figure out what motivates employees and create a program that drives their success. Remember, if they are successful, the business will also be successful.
For more information about employee reward and recognition programs, visit CS Recognition Solutions online or call 888-847-2215.