Showing appreciation is a simple way to reduce staff turnover.
Employee turnover can be a large drain on the resources of a company. The time and energy it takes to search for and train a new hire can limit an organization's productivity. Fortunately for many firms, a recent survey indicates that most employees are planning to stay in their current positions.
A survey by global talent group Deloitte showed that 80 percent of workers plan to stay in their current assignments for at least a year. However, this appears to be mostly due to the current economy, as 31 percent also stated they were not satisfied with their jobs.
A company can encourage its top performers to stay by implementing an employee recognition program. Showing appreciation is a simple way to reduce staff turnover, and can also help to increase job satisfaction, CNN Money reported.
"Keeping your best people is often a matter of having the right conversations with them, which doesn't cost a dime," Beverly Kaye, co-CEO of consulting firm Career Systems International, told the source. "People want to feel valued, and they want to see a future with you where they can continue to develop and thrive."
Implementing a recognition program could be very beneficial to a company with a low turnover rate. The increased satisfaction can lift productivity by creating more engaged workers and a supportive environment.