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.

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.

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Table of Contents
  1. Executive Summary
  2. Key Objectives
  3. Methodology
  4. Key Findings
  5. Introduction
  6. What is a disengaged workforce
  7. Impact of Employee Recognition on Employee Retention
  8. Digital Recognition and Retention
  9. Key Takeaways
  10. Conclusion
Key Objectives
  • 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.
Methodology

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.)

Key Findings
The data collected from the respondents give us new insights into driving “Talent Retention” through New Age Employee Recognition Strategies 2021.

1. Reasons for accepting a job opportunity at another organization

Index
  • Recognition/ Appreciation for work
  • Work-life balance
  • Compensation and benefits
  • Company Culture
  • Others
Industry report insights on reasons for a job shift Fig: Data representing reasons for a job shift

2. Frequency of an organization in recognizing its employee

Index
  • Annually
  • Quarterly
  • Timely
  • Monthly
  • Not at all
Industry report insights on frequency of employee recognition Fig: Data representing the frequency of employee recognition

3. Impact of peer recognition for employee retention

Index
  • Moderately
  • Significantly
  • Not Sure
  • Definitely not
Industry report insights on importance of peer recognition for employee retention Fig :Data representing the importance of peer recognition for employee retention

4. Types of Recognition that would drive employees to retain in an organization

Index
  • Monetary awards
  • Non-monetary rewards
  • Verbal acknowledgement
  • Written Feedback via mail
  • Others
Industry report insights on suitable recognition programs for employee retention Fig : Data representing suitable recognition programs for employee retention

5. Impact of digital recognition system over traditional recognition system in reducing employee turnover

Index
  • Connecting with dispersed workforce
  • Transparency
  • Easy Accessibility
  • Timely & hassle free
Industry report insights on impact of digital recognition in reducing employee turnover Fig: Data representing the impact of digital recognition in reducing employee turnover
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