All Star - Blog

The pandemic has affected every business and every employee. When businesses make necessary accommodations and transition employees to a work-from-home environment, it is tempting for companies to focus on the immediate crisis and put employee programs on the back burner. Putting employee programs on hold may be the worst thing businesses can do.

Many companies with employees working from home for the first time during current COVID-19 concerns may be wondering how to keep remote employees engaged in uncertain times.

An article entitled Five Secrets to Motivate and Retain Employees was recently published by ThriveGlobal. The author is a career coach…but notably, not an incentive professional or specialist in the reward and recognition field.

Attracting and retaining key talent has always been a top concern for business leaders and it is especially so in these days of historically low unemployment. Without accurate intelligence, business leaders are tempted to throw cash at the retention problem. Cash is King, right? So why not use cash to reward employees? Because research shows that tangible rewards are far more effective than cash.

Studies and experts confirm that companies with higher employee engagement are more profitable, have lower turnover, higher shareholder value, greater productivity and more. Companies with a positive corporate culture enjoy higher levels of employee engagement and better attract and retain talent. In the years since these initiatives have surfaced in corporate America, Human Resources has typically been charged with both increasing employee engagement and building a positive corporate culture. Are these initiatives better suited to the Marketing department?

A recent survey of Chief Executive Officers finds that retaining talent is the #1 internal challenge and concern. CEOs must balance long-term goals and short-term results. Regardless of the demographics of the workforce, all employees want to know that their work has meaning and that they’re appreciated. Rewarding and recognizing employees for excellent performance is on every list of ways in which to retain employees. Employee turnover is disruptive and expensive. Here are some factors that contribute to the cost of employee turnover:

Although employee engagement has been a priority for many organizations, only 32% of U.S. workers are engaged in their work, according to a Gallup study. Because companies with higher employee engagement outperform their competitors by over 200%, this is increasingly important. Earlier this month we discussed signs of a negative workplace. Here we’ll discuss how to build a culture of recognition that leads to higher employee engagement.