Organizations that incorporate employee recognition programs boast a 31 percent lower voluntary turnover rate than those with ineffective employee recognition programs, according to a report from Bersin & Associates.
"Our research shows that modern recognition programs can have a huge impact on organizational performance," says Josh Bersin, CEO and president of Bersin & Associates. "In today's difficult economic times, business leaders should look to re-engineer these programs and integrate them directly with talent and performance management strategies."
Achievers, a provider of employee rewards and recognition software, also recently released a survey revealing that business leaders are failing to take advantage of the potential of employee recognition programs, and they hold false views of today's state of employee recognition in the workplace.
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In fact, 46 percent of employee respondents say being valued and rewarded is one of the top three factors when choosing a place of employment. Fifty-seven percent of CEO respondents strongly agree or agree that employees are recognized on a consistent basis while only 9 percent of employee respondents strongly agree they are regularly recognized.
"There are three sides to every story: CEOs, HR and the truth, which is employees," says Razor Suleman, founder and chairman of Achievers. "The Achievers Intelligence: Insight into Today's Workforce study proves that business leaders have blinders on when it comes to understanding recognition and how it builds employee engagement. To win the war for talent and retain top performers, employers must understand the current work force and create a talent strategy that continually strives to create happy employees and loyal customers."
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