In an international research survey conducted in 2013, it was found that organizations that had a proper Rewards and Recognition (R&R) system implemented witnessed very low annual voluntary turnover for their employee's vis-a-vis those firms that did not have an Rewards & Recognition system or had an insufficiently designed one. 70% of firms following Rewards & Recognition had an annual voluntary turnover rate of less than 10%, while 31% of such companies had a voluntary turnover of less than 5%. Only 14% organizations claiming Rewards & Recognition had a voluntary turnover of more than 15%.
A proper rewards and recognition system can go a long way in helping organizations retain talent. Employees have a genuine need to feel appreciated for their work and a good Rewards & Recognition system ensures that you reward and recognize them the right way, the way they want. Giftxoxo's Enterprise Rewards & Recognition platform allows you to leverage technology to retain your talent and develop it. This SaaS-based system empowers you to let employees choose the experience that they want to avail. It creates a win-win situation as happy employees perform better to achieve organizational goals.
In the research highlighted above, another finding was that the voluntary annual turnover rate of employees in all the organizations surveyed was an inverse function of the average number of recognition programs offered by them. For companies with turnover rates below 5%, average number of recognition programs was found to be 4.1. This reduced to 4.0 for organizations having their turnover rates between 5% and 10%. The number of recognition programs reduced further to 3.7 for firms having turnover rates between 10% and 15%.
From the research findings cited above, it is clear that employee retention varies directly with the number and the quality of rewards and recognition programs run by organizations. Appreciating employees for their work and accomplishments keeps them happy and engaged which in turn leads them to want to spend more time with their organizations. Giftxoxo Enterprise Rewards & Recognition system imparts systemic robustness to your rewards and recognition strategy as well as offers a variety of experiential gifts and activities for your employees to make the most out of your recognition systems.
A boss wants to pay for results, an employee wants recognition for effort. If a boss recognizes effort, they will get even better results. - Simon Sinek