Rewards and recognition

Revolving Doors - our latest insights paper - offers guidance for leaders looking to slow down rates of employee churn and increase retention in this tight labour market.

For the first time we’ve taken an indepth look at onboarding and offboarding survey results to find out just how things change during employee tenure, and the findings paint a concerning, but addressable picture. Employees’ ratings declined by an average of 17% per cent for leadership and 15 per cent for culture between joining and leaving.
Making sure your people know they’re valued is one of our top tips for retention. This can be done formally, through regular one-on-ones and performance reviews, and on an ad hoc basis.

Employees equate remuneration with value, so be sure to keep an eye on the market, and don’t let things get too out of step. If you can’t offer top dollar, get creative with benefits; see what you can do to sweeten things and close the gap.

Employees’ ratings declined by an average of 17% per cent for leadership and 15% per cent for culture between joining and leaving.

However you do it, offer praise when it is due. Whether it’s a quick shout-out in a company meeting or a short email, make sure you’re making the effort to call out the hard work in real time. Remember, that as a leader or manager your words and actions carry weight; and taking the time to give a heartfelt “well done” can boost both individual and team morale.

Employee recognition programmes can be a method of motivating staff and retaining talent. Even where monetary rewards are not necessarily available, public or private recognition can send the signal that efforts are valued.
If you’re thinking about introducing rewards and recognition as a way of complementing remuneration and benefits, here’s our top tips:

       Be thoughtful – one size doesn’t fit all. To have real impact, match rewards to the person
       Be timely – reward as soon as possible after the event to reinforce positive behaviour
       Be frequent – celebrate little and large achievements often to keep people motivated
       Be specific – be clear about why the reward is happening
       Be visible – public recognition can be an example to others, and facilitate team collaboration
       Be real – connect recognition to your company culture and values

Don’t wait for a resignation letter to let people know what you think they’re worth, and if rewards and recognition aren’t a “thing” in your organisation, start a trend!

If you’d like to read our Revolving Doors insights paper in full, you can download a copy here.