Global Industry Report on Boosting Retention Through Employee Recognition
This research comprises responses and analysis gathered during a 2021 Virtual Conclave themed on “Rewards & Recognition for the New World of Work”. It will give you deep insights on employee retention and its positive impacts on enhancing employee recognition.
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You will get to learn
- Importance of employee retention and its significance in enhancing employee engagement.
- How to tackle disengaged workforce and retain them efficiently with rewards and recognition.
- The impact of digital employee recognition on employee retention.
- How to reduce employee turnover with trending employee retention strategies.
- Executive Summary
- Key Objectives
- Key Findings
- What is a disengaged workforce
- Impact of Employee Recognition on Employee Retention
- Digital Recognition and Retention
- Key Takeaways
- Highlight the issue of a disengaged workforce.
- Measure the positive impact of recognition on employee retention.
- Focus on the trending Employee Retention strategies.
- Highlight the importance of Digital Recognition to reduce employee turnover in an organization.
The statistics gathered during a 2021 Virtual Conclave themed on “Rewards & Recognition for the New World of Work” were factored into the formation of this report.
The completion of this report comprises 352 responses of industry experts from various industries across the globe. The list includes the U.S, Singapore, India, Indonesia, Canada, Australia, U.A.E, and many more.
The questionnaire had seven questions focused on what employees think about retention strategies in their company and how recognition help reduce turnover. It had open-ended and multiple-choice questions on employee retention strategies.
This report assumes the respective designations: Others (Management Trainee, Architect, Administrative Officer, Professor, etc.)
1. Reasons for accepting a job opportunity at another organization
- Recognition/ Appreciation for work
- Work-life balance
- Compensation and benefits
- Company Culture
2. Frequency of an organization in recognizing its employee
- Not at all
3. Impact of peer recognition for employee retention
- Not Sure
- Definitely not
4. Types of Recognition that would drive employees to retain in an organization
- Monetary awards
- Non-monetary rewards
- Verbal acknowledgement
- Written Feedback via mail
5. Impact of digital recognition system over traditional recognition system in reducing employee turnover
- Connecting with dispersed workforce
- Easy Accessibility
- Timely & hassle free