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Topic: Appreciation

5 HR Challenges. 5 Ways Recognition Can Help.

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It’s no secret that recognition creates a great workplace culture and makes people feel valued. Research from the O.C. Tanner Global Culture Report shows that praising effort and recognizing people for their great work leads to higher engagement, innovation, and revenue. But recognition can help with other HR challenges, too, from retention to hybrid work to DE&I.

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Challenge No. 1

Retaining talent during the Great Resignation

 

Employees stay when they feel valued.

“[Recognition] is the greatest retention tool in the world.”

—Russell F. Cox, President and CEO, Norton Healthcare

Here’s a sobering fact: In January 2022, more than 4.3 million people quit their jobs in the U.S. alone (according to the U.S. Bureau of Labor Statistics). That’s a lot of people. And a lot of companies losing talent. And a lot of expense for the employers.

Turnover can be one of the most expensive challenges a company faces. And it’s not just the cost of turnover itself, but also the loss of talent, skills, and institutional knowledge. The disruption in work and break in team connection. Simply put, it pays to keep your employees, and one of the best ways to do that is to make them feel appreciated.

It’s not all about the money.

While 80% of employers think employees leave for higher pay, only 12% of them actually do. Global studies reveal that 79% of people who quit their jobs cite “lack of appreciation” as their reason for leaving. No one wants to stay at a job where they aren’t seen, valued, or appreciated for their hard work and contributions.

What to do

Have a robust recognition strategy that recognizes and appreciates all elements of an employee’s life at work: their day-to-day efforts, above and beyond accomplishments, career achievements and milestones, and great work. Invest in a recognition solution like Culture Cloud which makes recognizing easy, fun, and meaningful for your people.

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