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How Recognition Helps to Reduce Voluntary Turnover

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Current socio-economic tendencies show that the competition for talent is going to get only tougher. In this presentation we’ll tell you about how to get the most of your reward and recognition program and reduce voluntary employee turnover.

Published in: Recruiting & HR
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How Recognition Helps to Reduce Voluntary Turnover

  1. 1. HOW RECOGNITION HELPS TO REDUCE VOLUNTARY TURNOVERvoluntary
  2. 2. The latest Gallup's “State of the American Workplace” report provides a lot of disconcerting statistics about employee turnover
  3. 3. 51% of US employees say they are actively searching for a new job or looking for openings
  4. 4. 35% of survey participants report switching jobs within the past 3 years
  5. 5. 67% of workers are disengaged at their jobs to varying degrees
  6. 6. Even engaged employees might be looking for other jobs and opportunities!
  7. 7. Whose fault is it? How do we defeat the "grass is greener” mentality?
  8. 8. The major causes of employees leaving an organization Monetary factors: • Non-competitive salary andrewards Non-monetary factors: • Lackof respect and appreciation • Poorworking conditions • Non-friendly work environment • Poorrelationships witha direct supervisor • Inflexible workschedules • Favoritismat workplace • Misalignment withcompany culture and values • Lackof careeropportunities • Lackof challenges inthe job • Mismatchbetweenthe positionandthe person • Poorwork-life balance • Lackof trust inorganizational leaders
  9. 9. Warning signs that an employee could be on the verge of turnover • Takes longer breaks, arrives late or leaves early too often • Looks distracted during meetings and other forms of collective discussions • Shows reduced productivity and responsiveness • Avoids social interactions with colleagues
  10. 10. How do we predict: Disengagement? Dismissal?
  11. 11. Tools for identification and measurement Disengagement • Attitude surveys and polls • Personal conversations Dismissal • Exit interviews • Glassdoor reviews
  12. 12. key factors ofworkforce retention REWARDS HEALTHY ENVIRONMENT COMPANY CULTURE GROWTH OPPORTUNITY Salary Perks Incentives Interpersonalrelationships Workingconditions Work/life balance Career planning Professionaldevelopment Challengingtasks Mission andvalues Proceduresandprocesses Managementstyle & professionalism
  13. 13. What happens if you don’t reduce voluntary turnover? Even conservative figures estimate that it costs anywhere between 30% and 200%+ of an employee’s salary to replace them, with related costs in time and business performance climbing even higher.
  14. 14. The link between voluntary redundancy and engagement 56% of non-engaged employees and 73% actively disengaged employees are ready to leave the job at the appropriate opportunity Gallup, 2017
  15. 15. What are the positive results of reducing turnover? Companies with highly engaged employees outperform their competitors by nearly 150% Gallup, 2012
  16. 16. THE ROLE OF AN APPROPRIATE RECOGNITION PROGRAM
  17. 17. TOTAL REWARDS NON-FINANCIAL REWARDS Recognition Development of Skills Opportunities Quality of Life FINANCIAL REWARD Base Pay Variable Pay Share Ownership Benefits SOURCE: INTERNATIONAL JOURNAL OF SCIENTIFIC & TECHNOLOGY RESEARCH VOLUME 6, Issue 09, September 2017 adapted scheme
  18. 18. RECOGNITION PROGRAMS Improvement of relationships Perception of working conditions Adoption of company culture Promotion of desired behavior Team Recognition Individual Recognition
  19. 19. How does recognition influence the turnover rate? The feeling of appreciation, deliveredby peer-to-peer recognition, provides sustainablemotivation that cannot be achieved by monetary rewards alone. Positiverecognition encourages effort, which, in turn, leads to increased productivity,accuracy, and improved customer service. The “positivecycle” created by this relationships pattern, contributes to the an organization being recognized as a good place to work (given that all “hygiene factors” in the workplace are provided).
  20. 20. Top features of impactful recognition programs • Emphasizing non-cash rewards • Peer-to-peer recognition • Immediate recognition of desired behavior • Providing content-rich experiences • Allowing results-tracking • Mobile-first
  21. 21. Current socio-economic tendencies show, that the competition for talent is going to get only tougher. Partnering with an experienced employee recognition provider will ensure that you’ve got all of the pieces in place to reduce dysfunctional employee turnover!
  22. 22. Make the most of your reward and recognition program! Visit our website for more valuable content on employee engagement and motivation programs: https://online-rewards.com/
  23. 23. . Cincinnati Operations 441 Vine Street, Suite501 Cincinnati, OH 45202 ph 888.826.0783 fx 214.242.4448 Dallas 100 North Central ExpresswaySuite 1120 Richardson, TX75080 ph (888) 826-0783 fx (214) 242-4448 WE ARE ONLINE REWARDS building positive cultures

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