Guest Blog by TINYpulse
Remember in grade school when everyone received gold stars for doing great work? Now let’s do some comparisons. If a school kid does great work but doesn’t get a gold star, what do they do? They throw a tantrum. On the other hand, if an employee does great work but doesn’t get recognized, what do they do? They quit.
But turnover is unbelievably expensive. Recruitment, training, loss of productivity — they all add up. Consider what TalentWise found in their report:
- When employees leave, they take 70% of their knowledge with them
- To replace an employee, it costs up to 150% of the annual salary associated with that position
If it costs that much to replace one single employee, imagine losing multiple workers over the course of one year. Of course, there’s one commonly overlooked tool that many organizations seem to forget about. And that’s employee recognition.
KEYWORDS: Social Innovation and Entrepreneurship, Diversity and Human Resources, TINYpulse, organization values, Employee Engagement, Justmeans