Only 18 percent of firms differentiated their employee value programs from their competitors.
Companies that are having trouble attracting employees may need to address their office culture. A global study by Towers Watson found that three-quarters of businesses have problems attracting critical-skill employees. Additionally, 60 percent reported difficulty in retaining these workers once they were hired. Constant turnover and vacancies at critical positions reduce overall performance and efficiency at an organization-wide level.
According to the study, implementing unique employee recognition programs can help companies mitigate turnover. The survey revealed only 18 percent of firms differentiated their employee value programs from their competitors. This means that if one company offers the same benefits as the next, some workers are more likely to pursue new opportunities at a different firm, rather than focus on their career development within their current firms.
Employees who are properly engaged are more likely to seek opportunities that benefit both themselves and their companies. This is one reason that 83 percent of executives believe having engaged and motivated workers is a factor in their firms' success. Businesses that make employee recognition programs a central part of their efforts to build a unique office culture may see higher engagement among staff members, as well as improvements in recruiting and retaining top talent.