Taking time to recognise your employees isn’t just good for morale. It’s good for your bottom line. Hiring a new employee includes the cost of advertising the role, interviews, screening and hiring, and a decrease in team productivity as your organisation scrambles to train a new hire only to have them leave soon after. According to one study, the average cost of losing an employee costs 21% of that person’s annual salary.
If your business is constantly losing staff, it might be time to do a quick employee retention audit. Here are some top ways to boost morale, and retain your best team members.
50% of employees said that being thanked by their manager improved their relationship. It takes a fraction of a second to acknowledge someone’s hard work, but the results are almost unparalleled. Saying thank you and acknowledging employees can turn your turnover rate on its head. There’s an old saying; people don’t leave companies, they leave managers. Always make sure that you’re being respectful of your workforce, and giving credit when credit is due.
Additionally, 69% of employees said that they would work harder if they felt their efforts were better appreciated.
Unsurprisingly, 49% of polled professionals said that monetary bonuses were the most important form of recognition from their company. But effectively motivating your team with monetary incentives doesn’t have to involve a financial sacrifice. Performance-based bonus schemes are one of the most effective ways to motivate your workforce, and ensuring that you only have to pay out if the goal is met. But don’t use bonuses as filler for salary. By making someone’s salary dependent on commission is a surefire way to sink employee morale.
The advancement of technology has meant that most employees are living and breathing work 24/7, thanks to smartphones and the internet. This has also lead to another problem running rampant in the professional industries: employee burnout. Research has repeatedly linked employee burnout to decreased productivity, higher instances of illness, and company losses; both financially and in terms of product quality or customer care.
GetVoIP’s study found that extra vacation days are the second most-valued form of employee recognition, with 89% of employees saying that PTO influenced their choice of employer and current job satisfaction.
To learn more about the study, visit GetVoIP’s tips for employee recognition, or view the infographic below:
