If you’re like many, if not most small business owners, one of the biggest challenges you face is in finding and then keeping your best employees.
Small companies face significant challenges in this regard, because they typically don’t have the deep pockets that the major industry players have, which means they often can’t compete directly where salary is concerned.
Even so, many smaller businesses have found tremendous success in attracting and keeping top tier talent, and a recent survey, conducted collaboratively by the Society For Human Resources Management and Globoforce reveals how and why. We’ve provided a link to the survey if you want to dig into the details, but here’s a quick summary:
First, the scope and scale of the problem. Nearly half of all organizations of any size (46%) report that employee retention is the biggest challenge managers face, so if you find yourself in that boat, you’re certainly not alone.
Those companies that have built an employee recognition program, and specifically one that is based on the firm’s core corporate values reap a wide range of benefits, including:
- 79% of survey respondents report having more success attracting new top talent
- 73% say that the recognition program is built in such a way that it also helps meet learning and development goals.
- And nearly 90% of survey respondents say that their recognition program has increased their employee retention rate.
Given the above, it’s no great surprise that nearly 90% of survey respondents also say that their recognition program delivers a strong return on the money invested, and in fact, fully three quarters of those surveyed view their recognition programs as not merely a means of keeping their best people, but as a cost-savings measure, too. Talk about win-win!
The bottom line then, is that if you don’t yet have an employee retention program in place and you’ve been considering the possibility, now is the time to act.
It’s no secret that the global pandemic has upended work life for tens of millions of people, and unfortunately, there’s no end in sight. This may be our new normal for years to come, and companies who respond to the moment we find ourselves in will thrive, while those who struggle will eventually fall to their competition.
A recognition program is a fantastic first step to ensure your company’s long term survival. It’s just that simple, but more than that, building one now and demonstrating to the employees you rely on for your success that you care about them, their professional development and their wellbeing, will do amazing things to the morale and productivity of all your employees, no matter what their specific job functions are.
Don’t take our word for it though, download the survey yourself and pour over the results, and then, when you’re ready, start taking steps to put your own recognition program in place and watch your business grow and thrive.
Few things in life are so easy to do, and yet so impactful. This is one of those. Try it yourself and see.