If you’ve worked in a business environment for long, you may know what it feels like to put your heart and soul into a project, only to have your boss give zero recognition of the hard work you devoted to the company. You gave your all to push the project over the finish line before the deadline, and then it was like no one even noticed.
That lack of recognition can easily lead to apathy and resentment. In fact, if the scenario plays out over and over again, many employees start to think about moving to a company where their work is appreciated.
The Importance of Recognition in the Workplace
Being recognized for your efforts in the workplace is like being appreciated in other areas of your life. It just feels good. Recognition helps employees feel
- more connected with their jobs
- valued for their contribution
- more likely to do hard work in the future
For leaders, the question isn’t whether we can spare the time to appreciate the contributions of our team members, but rather whether we can afford the consequences if we fail to do so.
Recognition Impacts Retention
All companies prefer to retain their best employees, and compensation alone doesn’t keep top talent. According to Forbes, 79% of employees who quit cite lack of appreciation as the reason; and the Human Capital Institute reports that organizations with strategic recognition programs have 23.4% lower turnover than those without one.
In spite of the compelling data, many organizations struggle to recognize the good work of their staff members consistently and in a meaningful way. What many companies don’t realize is the actual costs of employee turnover. According to The Society for Human Resource Management (SHRM), the average replacement cost of a salaried employee is estimated to be six to nine months’ salary. And that number increases with higher salaried employees.
Manager-Driven Recognition from Terryberry
Terryberry’s AwardYourTeam platform makes it incredibly easy for supervisors, directors, and all levels of management to show top employees recognition for their contributions to the company.
Whether the team is small or large, the robust and flexible platform can be configured to fit your business and give recognition in a consistent and meaningful way. After implementing the program, managers immediately begin seeing a boost in morale, which leads to increased retention.
Avoid Unnecessary Turnover
Don’t let your best employees leave because they never feel recognized for their contributions. Give us a call today so we can help you get set up with a manager-driven recognition program.