Recognizing and Retaining Your Talent: A Strategy for Success

Dear HR and Workplace Leaders,?

Employee turnover is dangerously high right now.

In a time when we need more skilled workers, we are seeing talented employees leave their jobs.

As employers, we often feel like it’s out of our hands. Our best employee found a better opportunity … there’s nothing we can do about it, right?

Wrong.

These employees are leaving for specific reasons. It could be burnout, lack of career development opportunities, toxic workplace cultures, or a lack of recognition.

The good news?

These are all fixable problems.

Yes, addressing these issues requires time, money, and effort. But contrary to popular belief, it IS possible to prioritize both profit and the employee experience.

Today, I want to focus on the connection between recognition and retention—and why it’s critical that we, as employers, understand and embrace that connection.?

T?h?e? ?P?o?w?e?r? ?o?f? ?R?e?c?o?g?n?i?t?i?o?n

Employee recognition is not only the moral thing to do—it’s also a smart business move.

It seems obvious we should recognize our employees’ achievements. But that’s just the easy part. The key to employee recognition is two-fold: being consistent and thoughtful, and creating a structured recognition program.

The first part requires us, the employers, to consistently showcase our appreciation for our employees’ time, energy, and loyalty. Some ideas? Say, “Thank you.” Be specific about what we appreciate. Seek employee input. Showcase people’s accomplishments in the office. Reward results. Celebrate career milestones.

Furthermore, a structured recognition program can help take recognition to the next level. Programs that celebrate achievements, highlight core values, and foster a sense of belonging play a big role in creating a positive workplace culture.

If you are going to take these steps and implement real changes to your workplace culture—and prioritize employee recognition—I’m confident you will see financial benefits.

L?i?n?k?i?n?g? ?R?e?c?o?g?n?i?t?i?o?n? ?t?o? ?R?e?t?e?n?t?i?o?n

Recognition and retention go hand in hand for one simple reason: People spend most of their waking hours at work. It’s only natural to want to feel appreciated for their efforts and commitment to their organization.

Studies show that when employees do feel appreciated, they become more engaged, motivated, productive, collaborative, and fulfilled.

As a result, they are less likely to wonder whether the grass is greener on the other side—namely, with other companies. Thus, recognition dramatically reduces turnover.

In fact, SHRM research shows that employees who regularly receive meaningful recognition are 55% less likely to consider external job opportunities. This should be a wake-up call for any organization struggling with turnover. The costs associated with recruiting, training, and onboarding new employees far outweigh the investment needed to implement a robust recognition program.

S?t?r?a?t?e?g?i?e?s? ?f?o?r? ?S?u?c?c?e?s?s

To maximize the impact of your employee recognition efforts, consider the following strategies:

Tailor Recognition Programs: Understand what motivates your employees. Some may prefer public acknowledgment, while others might appreciate a private note or reward. Tailor your recognition efforts to fit the individual preferences of your team members.

Integrate Recognition into Daily Operations: Recognition should be a regular part of your workplace culture, not just an annual event. Make it a habit to acknowledge achievements in real time, whether it’s through daily stand-ups, team meetings, or internal communications.

Empower Managers: Train your managers to recognize and reward their teams effectively. A manager’s acknowledgment often carries significant weight and can be a powerful tool in retaining top talent.

Leverage Technology: Use recognition platforms to streamline and track recognition efforts. These tools can help ensure no good deed goes unnoticed. They can also provide data to measure the effectiveness of your recognition programs.

C?o?n?c?l?u?s?i?o?n

In today’s competitive market, where top talent is hard to find, retaining your best employees should be a top priority. Employee recognition is critical to maintaining a motivated, engaged, and loyal workforce. By prioritizing recognition, you can create a positive workplace culture that not only attracts but also retains the talent your organization needs to thrive.

Remember: Recognition is the bridge that connects your employees’ efforts to the success of your organization. When employees feel valued, they stay … And when they stay, they contribute to the long-term growth of your company.

Let’s make recognition a cornerstone of our retention strategies.

Yours in service,?

Johnny C. Taylor, Jr., SHRM-SCP

President & CEO, SHRM