The main difference between your company and your competitors’ is the quality of people with whom you have surrounded yourself. In today’s economy, finding and keeping quality employees is even more crucial. Praise and recognition are key components toward creating an "encouragement culture" within your organization. In a nutshell, recognition programs improve staff engagement and an engaged staff will drive better business results. What kind of results? Here's how much a Highly engaged staff can deliver over a Poorly engaged staff (International Survey Research, LLC Study):
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86% higher customer loyalty
–70% more success in lowering turnover
–70% high productivity
–44% higher profitability
–78% better safety records
–27% increase in Earnings per Share
The benefits of engagement are self-evident, but what are the costs of disengagement? (Gallup, Robert Half International):
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Only 14% of workers are satisfied with their job…
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80% of employees believe they get no respect at work
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3 out of 4 workers are looking for a new job either actively or passively
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86% of employees are not willing to go the extra mile for the company
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79% of US workers say they are not engaged in their job…
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Nearly $400 billion annually is lost in productivity due to employee disengagement
The cost to replace an employee, by conservative estimates, is over $13,000. Employee turnover alone will impact a 500 employee company that replaces 10% of its workforce annually by over $650,000. Factor in lower productivity, safety & health issues, etc., and the repercussions of disengagement really add up.