In a recent survey of employees, 82% consider that recognition is an important part of their happiness at work. Many feel employee recognition has an impact on their ability to get a promotion or raise. That means there is a direct effect on the employee retention of any business.
Losing employees can cost far more to an employer than the low cost of employee recognitions programs.
First, there is the factor of any exit costs paid out to the employee upon separation. Then there are the additional costs paid out to hire, train and onboard a new recruit for the same job.
Next, is the cost of lost company knowledge and experience that goes with the exiting employee. Regardless of prior training and experience, there is always the learning curve involved in starting with the company for any new hire. Company policies, procedures, familiarity with the product or service and clients all need to be newly learned by the incoming employee. The ROI of the position filled can dip significantly until the new employee is fully up and running on their own steam.
So how does employee recognition help prevent company losses and increase profits and productivity?
Anyone instinctively knows that recognition and acknowledgement is a key factor in satisfaction and pride in one’s own work. We experience it from a very young age. As an example and simply to demonstrate the point, suppose a child presents a parent or adult with their latest drawing masterpiece or shows off their ability to perform a forward head roll. The acknowledgement and praise they receive validates a job well done and encourages the child to learn and do more. If ignored or simply criticized, the desire and effort to do more and better is squashed and the child can then become unwilling to improve.
As adults, we address life with more maturity and understanding, but that basic desire to do a good job and have that good work recognized and validated still remains. A person working in an environment with others wants to know that they are valuable and contributive to that group. Lacking that, one becomes disgruntled and may feel that they would be better off leaving that group and go off in search of an environment where they could potentially feel they are of more value.
What’s the solution?
Health Fairs and Employee Appreciation Days are an extremely cost effective and impactful way of showing your employees that they are cared for and valued. At New York Health and Wellness Fairs, we know that providing these short and simple events go a long way in helping with employee satisfaction, productivity and retention. Our expert staff help you from start to finish to create a festive and uplifting experience for your staff. We do all the work, so you don’t have to.
And best of all, you will get the recognition and pat of the back you deserve for a job well done!