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When Avis Budget Group set out to do more; be more; grow more—they decided to show more appreciation.Appreciating people and applying their talent to business goals is a practice common to all of the world's top-performing companies. Avis Budget Group stands out among appreciation leaders for its commitment to improving recognition strategies and solutions. The company's dedication to noticing, valuing and understanding the needs of its employees keeps year-over-year participation growth in its appreciation programs in the double digits. What does sustained growth in the company's appreciation strategy mean to Avis Budget Group's bottom line? In addition to reducing company-wide voluntary turnover by 3.8 percent from 2004 to 2005—an accomplishment that saved Avis Budget Group millions by improving productivity and reducing turnover, the organization continues to raise employee engagement scores and other key measures. Avis Budget Group has improved the way they show appreciation. And employees and leaders have incorporated recognition as an important way to reinforce company values and objectives, and recognize accomplishments. When you consider each point of turnover costs Avis Budget Group an average of $3 million, the benefits of recognition and engagement to the bottom line become abundantly clear. When people are inspired, companies grow.
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Key Takeaway
Improving appreciation at Avis has meant a 3.8 percent reduction in turnover, improved productivity and higher engagement scores.
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