All Star - Blog

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.

“Don’t try this at home!” How many times have we heard that directive? In most cases, it’s because although something may look easy, it’s probably because it’s being done by professionals. This is also true of employee engagement, recognition and incentive programs.

According to Gallup, only about 20% of the global workforce is engaged in their work. Given the level of interest and attention to employee engagement in the last few years, that’s a disheartening figure. What’s the secret to engaging employees?

The Incentive Research Foundation has released their 2019 Industry Outlook on Merchandise, Gift Cards and Event Giving, revealing the following:

Just because an employee is happy, does not necessarily mean they are productive; just because an employee is productive, does not necessarily mean they are happy. Despite generation or personality type, we should always be exploring our interests and passions to pursue our own way of life inside and outside of the workplace. That being said, our happiness and employment status are very much related. Our jobs provide opportunities for us to establish connections with others, to utilize and enhance our skills, and allow us the ability to capitalize on our strengths, which ultimately permits us to find meaning in society and achieve our goals. Studies show that happy employees achieve their goals 31% more often, are 36% more motivated in their work, and strive to do the best they can to help to make their organization more successful. In return, they anticipate recognition for the efforts behind their contribution and commitment to their company. Employers who recognize the difference between a happy employee and an engaged employee often create a positive work culture that supports a more creative, productive, and resilient work force.