Retain and Inspire through Employee Recognition
The execution of your business strategy is critical to driving your corporate financial performance. As your most valuable asset, people are the execution point for your strategies. While employee recognition is a strategy used to improve employee engagement, it is important to understand how it impacts your business.
Employee recognition and reward programs provide an opportunity to create a more positive work environment and build company loyalty by demonstrating tangible appreciation to your employees. Companies that implement rewards and recognition programs for employees experience a reduction in staff turnover, while increasing productivity, improving strategic position and generating greater profits. When employees see that their contributions are important and valued, they are more likely to embrace the organization’s mission and goals.
Building a culture of motivation through employee recognition will help your company continue to reap long-term benefits and give you a competitive edge in the marketplace. As an added benefit, research shows that companies with high employee retention rates also have high customer retention rates.