Employee retention and keeping the employee turnover rate to a minimum are two of the biggest challenges modern hiring managers face. It is not uncommon for hiring managers to try and map out innovative techniques that can help with both of these problems. In a hiring market that gets increasingly competitive by the day, retaining top talent is both essential and challenging. That makes it more important to use all means at your disposal to hold on to your most valuable employees. One of the ways you can do this is through employee recognition programs, which this blog discusses in detail.
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Driving Employee Retention Through Recognition
Business managers, and especially those concerned with talent acquisition and workforce management, are constantly looking for ways that can increase and optimize employee retention. Talented, dynamic, and experienced employees are in demand everywhere. You can count on a staffing agency or a headhunter to reach out to your top-performing employees and make appealing job offers. The result? You’re at risk of losing your most talented workers, as well as incurring the heavy costs of employee turnover.
Employee turnover costs companies money in more ways than one. For instance, there is the cost associated with finding, onboarding, and training new employees to replace the ones that have left for another opportunity. But the costs don’t stop there. Consider the gaps and inconsistency in the transfer of key company knowledge when your most experienced employees aren’t there to pass it on to new recruits. This will result in a higher probability of errors, inefficiency, and reduced performance. All of which directly impacts your bottom line. Luckily, you can use employee recognition programs to drive retention in the following ways:
- Acknowledge Employee Milestones and Accomplishments
- Measure Performance and Gather Feedback
- Consider The Person, Not The Employee
Let’s examine these ways in more detail below.
Acknowledge Employee Milestones and Accomplishments
Many businesses don’t have a formal plan to appreciate the hard work and effort their top employees put in their roles. That’s alright, as long as you are offering recognition and appreciation in some way. Employees often leave a great job if they feel underappreciated, undervalued, or simply ignored. After all, everyone likes to be praised for a job well done.
Recognizing and appreciating specific milestones or accomplishments within your workforce is a great way to engage with them. For one thing, it shows employees that their employer observes their contributions towards business goals and is willing to reward them. For another, it also encourages other members of your workforce to push themselves to excel at their jobs and gain similar recognition. Positive reinforcement is one of the most powerful means by which you can retain your top talent.
Measure Performance and Gather Feedback
Of course, it is not enough for the CMO to simply say “Good job!” to their top surgeon when he/she consistently performs successful surgeries. The surgeon would rather have some framework that sets out how his or her performance at the workplace is measured and rewarded. Otherwise, you might lose them to medical staffing agencies pitching more structured progress. Tracking employee performance metrics is crucial for two very important reasons.
First, it is one of the best ways to measure how well the employee performs during a specific period of time. This allows both the employer and employee to tweak targets and efforts to make sure everything proceeds smoothly. With clearly defined goals and a system that measures progress, employees feel more at home withing a structured environment.
The second reason for having performance measurement systems in place is even more crucial than the first one. A system that measures performance should also come with some form of two-way communication and feedback. This allows employees to engage better with their managers, understand what is expected of them, and convey what they expect from the organization.
Consider The Person, Not The Employee
Too many employers take a one-dimensional approach towards their workforce. They treat workers as resources to be deployed for specific business functions. However, if you want to retain talent, this approach is too outmoded. Remember, the job is just one aspect of your employee’s life. They are bound to have career aspirations, responsibilities, families, unique circumstances, needs, and even emergency situations. You can’t work your employees to the bone and treat them like they are disposable.
When you improve the work-life balance your employees have in relation to their personal and professional lives, it reduces the chances of them moving on to other employers. Why? Quite simply, when you value your employee as a person, they reciprocate accordingly. When you recognize their personal lives and problems are equally important, you show your workers you care about them and form a stronger employer-employee bond.
If you want to reduce employee turnover and retain your top-performing talent, it is time to reevaluate your approach as an employer. With a strong employee recognition program in place, you may be one step closer to this goal. When you engage with your employees, measure their performance, acknowledge their efforts, and recognize them as people and not just resources, you can significantly reduce the employee turnover rate within your organization. Don’t lose your top employees to other companies ever again!