Rewarding and Recognizing Achievement and Employee Suggestions is brought to you by Lorman
Understand the connection between motivation and reward, along with various types of incentives and rewards.
High employee turnover or churn is an expensive issue for any business. Estimates of the cost to fully replace employees over and above salary range towards $40,000, including advertising cost, recruiting, hiring, training, and loss of productivity outside annual salary. A pre-Covid 2017 study by Gallup, followed up by OC Tanner, reported 79% of employees who quit their jobs claim that a lack of appreciation was a major reason for leaving, with 65% of these employees claiming that they weren’t recognized one-time by their managers or employers in the last year. And 60% say they are more motivated by recognition than money. This presentation will help leaders acknowledge their people by giving them the recognition they’ve earned, show genuine appreciation, and identify the unique things people have to offer and do and, by doing so, will see significantly better results in the future. The presentation also explains the idea of recognizing your people, covers various types of employee recognition, outlines the eight principles of recognition, and provides tips on developing a recognition plan.
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