Employee retention is a huge issue for businesses of all sizes. In fact, according to the latest Job Openings and Labor Turnover Summary according to the US Bureau of Labor Statistics (BLS), 4.2 million people quit their job in 2022 by July. This is 20% higher than the pre-pandemic annual turnover rate. This costs businesses billions of dollars each year in lost productivity, training costs, and recruitment fees.
One way to combat high turnover rates is to implement a corporate awards program. Customized employee awards have been shown to improve employee morale and motivation, which in turn leads to increased retention rates. Here's a closer look at how corporate awards can help improve employee retention.
Improved Morale and Motivation
Awards programs have been shown to improve employee morale and motivation. This is because being recognized for a job well done is a powerful psychological motivator. When employees feel appreciated, they are more likely to be engaged in their work and will be less likely to look for other employment opportunities.
Increased Productivity
Happy workers are also more productive workers. This is because motivated employees are more likely to go beyond the call of duty and put forth their best effort. Additionally, engaged employees are less likely to call in sick or take unscheduled days off, further increasing productivity levels.
Improved Retention Rates
When morale and motivation are increased and productivity levels go up, it's no surprise that retention rates improve as well. Studies suggest that effective employee recognition programs can help reduce turnover rates by up to 31%. That's a significant reduction that can save businesses a lot of money overall.
Corporate recognition awards are a fantastic way to improve employee retention rates. Though they may require an investment upfront, awards programs have the potential to save businesses money in the long run by reducing turnover rates, improving morale and motivation, and increasing productivity levels. If you're looking for ways to improve employee retention at your business, implementing an awards program is a great place to start.
Alta Honors - Formerly Viking Trophies- Awards & Recognition is the Twin Cities' largest awards retailer. Providing custom recognition solutions since 1969. Your place for trophies, plaques, glass awards, and custom medals.
Alta Honors - Formerly Viking Trophies
6248 Lakeland Ave N Suite 102
Brooklyn Park, MN 55428
(763) 537-3422
https://www.altahonors.com/
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