4 Factors to Consider When Building an Employee Recognition Program

By Amy Blackburn Employees who are recognized for their efforts far and away outperform those who are not. Companies with official employee recognition programs have 31 percent lower turnover rates, according to a Forbes report. That could equal thousands of dollars saved in the long run when you consider how much a disgruntled former employee costs. The Society for Human Resource Management says a business takes a hit costing an average of $3,337.00 (PDF) for every unhappy worker that leaves. Also, there is a science and psychology behind employee recognition programs. All human beings have a need to feel important and valued, not only in their personal relationships, but also at work. When you have an employee recognition program in place, you are literally stimulating people on a psychological and scientific level that will greatly enhance their job performance. It s estimated that the work incentive industry is now a booming $27 billion dollar a year sector, so that should give yo
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