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Increase Loyalty and Sales with an Employee Recognition Program
Today’s competitive business climate requires successful companies to recruit skilled and well-trained employees. These employees have to be motivated to deliver and be rewarded on their performance. Employee recognition should a critical part of your company’s culture, and you’ll see results from implementing a customized program.
According to a study completed by the Society of Human Resources Management, it costs about $4,129 to hire a new employee. Replacing an employee is even more expensive than filling a new position and can cost about 50-60% of an employee’s annual salary.
Turnover often costs around 90-200% of an employee’s salary. Appreciating employees and keeping high retention saves businesses from these detrimental costs. Many employers have successfully used promotional products for their recognition programs. A PPAI research has shown that 54% of employers have used promotional products for anniversary recognition programs and 43% have used them for motivating specific behaviors.
What is Employee Recognition?
Employee recognition is the acknowledgment of a job well done. It shows gratitude and inspires your team and business partners to reach for new goals. The core goal of employee retention is to encourage positive practices or activities that result in better performance.
Happy Employees = Better Results
By giving credit and recognition when it is due, employees will be motivated to go the extra mile. Happy employees generate better results and create a culture of productivity and collaboration. Showing appreciation and providing constructive feedback leads to higher loyalty rates and better service for your clients.
Improve Staff Continuity
Hiring and training your staff is only half of the employee cycle. Incentivize your employees to stay put and serve as a long-term testimonial for your company through customized incentive programs and gifts.
Visit our store for great employee gift ideas!
Ready to launch your employee recognition program? FONTIS can help develop a program that improves employee retention while producing revenue for your company. Contact our team today.