Why You Can’t Afford NOT to Offer a Recognition Program

What is the number one reason that employees give for leaving their jobs?  A LACK OF APPRECIATION AND PRAISE!

A few quick statistics that may or may not surprise you:

• A study conducted by Towers Watson revealed that only 30% of the current workforce is ENGAGED. By the simplest definition, this means that engaged individuals exhibit a level of enthusiasm and dedication towards their jobs.  These people actually CARE about their work as well as the performance of the company and they sincerely feel that their efforts make a difference.  Engaged employees are in it for more than just the paycheck.
•  But now for the bad news.  This study also revealed that 54% of employees are NOT engaged; and that 16% are actively DISENGAGED. That’s a lot of ambivalence and negativity walking around every day!
• And even more disappointing is that 60% of new hires – who came in all bright- eyed and bushy-tailed with big dreams of making a difference – fall into the Not Engaged category after just 6 months on the job.

So if you subscribe to the belief that low engagement equals low performance, you’ll certainly understand the importance of keeping your employees excited and sustaining their belief that they are valued and appreciated.

And remember, losing an employee that you’ve spent time to hire, train, and onboard is significant.  The cost of replacing an employee who leaves is at least 30% of that employee’s annual salary.  To put that in perspective, with a $150M annual payroll, just a 20% turnover cost would cost that company $9M a year.

Recognition is not just a “nice to have” – it’s a MUST HAVE.  

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