Recently, one of my clients approached me regarding the post-recession job market and what he can do to keep his employees engaged. Historically, once a recession has ended, many organizations experience a retention disaster. What can you do to keep your top players on your team?
According to Personneltoday.com, a retention warning comes as new figures reveal more than one-third of workers want to change their careers once the economic crisis is over. Did you know every new head you have to hunt and hire costs somewhere between $2,000 and $100,000 to get them oriented, trained, and engaged? Why do so many want to jump ship? They do not feel they are recognized adequately for their work.
How can you stop this from happening? How can you stop your company from being a statistic? It’s as simple as “Thank You.” Take the time to recognize others – it will make a difference in your organization. Enable your organization so everyone can recognize others systematically; there are online recognition systems, like ours, that are easy and effective. These tools allow peer-to-peer recognition, the ability for managers to recognize “on the spot”, and for the entire company to administer a years of service program.
Thank your top performers for a great year and everyone else who improved. Recognize them for leadership, collaboration, documentation; this will give everyone a chance to be recognized. Celebrate what is working, don’t focus so much on what hasn’t.
This is the perfect time to create a culture of recognition. Statistics show companies who recognize their people outperform companies that don’t by 30 to 40 percent. Recognition leads to happy, motivated, and engaged employees, and that adds to the bottom line – both in employee retention and net revenue.
What is your organization doing to hold on to your key players? I would love to hear your feedback.
