How to Use Recognition to Supercharge Your Engagement and Retention
In the current economic climate, the pressure is on for HR leaders to discover cost-effective strategies that enhance engagement and retention within their organizations. According to Achievers Workforce Institute's 2023 State of Recognition Report, there’s a significant return on investment that recognition initiatives can yield, as frequent recognition has been proven to motivate and retain employees effectively.
Individuals who receive monthly recognition demonstrate higher job commitment compared to those recognized less frequently, such as quarterly or sporadically. However, recognition doesn't have to be extravagant or expensive to be effective. Even a simple, meaningful "thank you" can have a powerful impact on engagement and retention, on par with recognition programs that offer points or monetary rewards. However, it is worth noting that recognition programs incorporating monetary components tend to drive higher recognition frequency than social-only programs, highlighting the importance of a comprehensive and balanced approach.
Join some of the world's top HR & Total Rewards Executives in this panel discussion to learn best practices for enhancing the quality and quantity of recognition and valuable insights on maximizing engagement and retention through recognition initiatives.