Employees are likely to stay nearly four years longer if the company has a formal recognition programme, according to new research.
The consultancy firm P&MM received feedback from 12,331 staff (full time, part-time and freelancers), across a wide range of job functions, and found that staff would stay an average of 3.7 years longer in jobs where they are formally recognised.
It can cost employers up to £30,614 per employee to replace them and it can take up to 28 weeks for workers to reach optimum productivity, the research found. Rapid staff turnover can also effect customer service and cause low staff morale, the poll found.
Recognition programmes could include a peer-nominated/voted employee of the month scheme, surprise celebrations for a particular team or individual’s achievement, sending employees who work particularly long hours a thank you card, giving extra lunch lunch breaks on occasion, or offering praise via email with their managers or supervisors copied in.
John Sylvester, director at P&MM, concluded: “Engaged employees understand and commit to the organisation’s mission and values and will tend to go above and beyond their basic job – making them more likely to be the recipient of recognition from their peers. These positive behaviours will drive high performance and ultimately impact on the bottom line of any organisation.”