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Talent retention and Employee Motivation
- 2. 70% of all employees do not feel connected to their employer? (1) Replacing an employee costs 120% of their salary? * (1) 32% of all employees PLAN on leaving their employer in 2014? $20,800 Median Salary per employee $24,160 Minimum Cost to replace average employee
- 3. Recognition leads to: 37% less absenteeism and dissatisfaction with their position. 21% more productive employees. 22% more profitable and efficient employees. 10% higher customer service ratings. -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% Absenteeism Productivity Profitability Shrinkage Safety Incidents Quality Defects Customer Service
- 4. 0 100,000 200,000 300,000 400,000 500,000 Absenteeism (Dollars) Productivity (units) Shrinkage (Dollars) W/O Recognition With Recognition Absenteeism Productivity Shrinkage Data based on 250 employees and average shrink of 6%
- 5. You can tailor your program to fit your needs. Traditional awards Milestone Programs Rolling Points-based programs Co-Op Redemption sites
- 6. POINT-BASED SYSTEM MILESTONE BASED SYSTEM Authorized users generate points to award milestones or behaviors. Points never expire, and can be used for any merchandise on the company site. Points can be saved and used to purchase larger items. No predetermined dollar amounts or budgets. Flexible, in the moment and meaningful rewards can be generated and given at anytime Predetermined budgets and dollar amounts designate the available categories. Users login at the time of achievement to redeem awards. Achievers are set-up on demand by authorized personnel Two of our most popular programs are the Milestone Program and the Points-Based Programs. Both are simple to use and require very little effort on the part of the organization.
- 7. Most sites cost nothing to set up Pay nothing until rewards are redeemed No inventory costs on branded apparel Custom reports keep track of your budget in concise, easy to read format The best part?
- 8. The most important thing about recognition Immediacy: prompt, in the moment recognition has the most impact. Relevancy: Reward employees with personal gifts that reflect their taste and style. Value driven: recognition is proven to impact key strategies within the organization, directly affecting growth metrics
- 9. http://www.shrm.org/multimedia/webcasts/Docum ents/12ruyle_2.pdf ; Kim E. Ruyle, PhD. “Measuring and Mitigating the Cost of Employee Turnover” July 7, 2012. http://www.gallup.com/strategicconsulting/163007/ state-american-workplace.aspx ; “State of The American Workplace: Employee Engagement Insights for U.S. Business Leaders” Gallup Survey Group, 2013 http://www.danpontefract.com/employee- engagement-is-still-poor-but-it-does-drive-bottom-line- results/ ; “Employee Engagement is Still Poor but it Does Drive Bottom Line Results” Dan Pontefract, June 20, 2013 Compiled, designed and written by Rebecca Hart; March 2014
Editor's Notes
- These statistics are staggering, especially for the organizations bottom line. What do terms like “actively disengaged” mean to the organization? Those who are disconnected and actively disengaged bring down moral for the entire group. They are unwilling to help others or contribute to new projects, and often only do the bare minimum of what is assigned to them. These people have one foot out the door and are usually not shy about letting others, including those outside the company, know how they feel about their job. How can we battle against this negative trend? With simple gestures of thanks and recognition. *This statistic encompasses all costs to replace an employee and can, in some cases be much higher. These costs include, but are not limited to; cost to off-board employee (PC scrub time, lost productivity in final weeks, etc.) Cost-per-hire for the replacement, as figured by the ANSI/SHRM standard, Transition Costs, including cost of lost opportunities and the cost from disruption of workflow and productivity.***
- Recognizing top talent, in the moment, with concise praise raises productivity, which benefits the organization as a whole. As we can see by the accompanying chart, the drop in the number of absences (37%), product defects (41%), safety incidents (48%) and shrinkage (28%) is significant. The more engaged and recognized the team working in your business is, the greater the potential for growth. Let’s take a look at some of these statistics in terms of revenues.
- Based on a workforce of 250 people, and the universal average is 5.5 unplanned absent days per employee; costing an estimated $1118.05 to the employer. The decrease in number of absences directly affects the cost of operations for the business; taking the cost of unplanned absences from $279,512 to $175,612. Our productivity also increases, based on 150,000 units produced annually, we can see an increase in output of 31,000 units. What does that translate to in overall profitability? Based on our units, and the median price of $50 each; we see an increase from $7.5 M to $9.12 M. As we raise our engagement level, we gain so much more in the way of net growth. In fact, just the savings from lower shrinkage costs (usually about 6% of overall net profit, a savings of $126K in this example) is often many times more than the cost of a recognition program.
- There are so many program solutions, which make it simple to connect with not just your employees but with end users and vendors as well. These programs capable of handling any program from the traditional rewards site to complex, multi-channel company stores, offering everything from uniforms pieces and promotional products to traditional and non-traditional awards. All in one comprehensive site.
- With integrated reporting, you can track behavioral change and keep your recognition in line with relevant metrics and organizational goals. Keep your organization’s values and goals at the forefront of employees minds with meaningful recognition.
- Recognition is most effective when it can happen in real time, which is why we’ve set up our programs to integrate with all forms of technology, so you don’t have to wait to say “Good Job!” With integrated reporting, you can track behavioral change and keep your recognition in line with relevant metrics and organizational goals. One of the most important things to remember when rewarding employees is making the reward relevant to them. Relevant rewards reinforces the company's commitment to goals, strategies and employees.