Break Out the Cake and Speeches: Workers Need Formal Recognition
NEW YORK ( TheStreet) -- A little cake, a little speech, a little bonus in the paycheck: If you want happier, more productive workers, make sure you recognize their career achievements formally.
If your firm is slow on the draw to show appreciation for their achievements, employees could reasonably think it's time to move on to greener, more benevolent pastures.
O.C. Tanner, a Salt Lake City employee services company, has the goods on this issue, but let's add a caveat: The company specializes in employee recognition, so it's in Tanner's best interest for such programs to flourish on the U.S. corporate landscape.
The firm links formal service anniversaries such as a 10-year or 20-year anniversary to decreased employee turnover and increased worker satisfaction. Meanwhile, Tanner points out, it costs firms up to 400% of a given employee's salary and benefits to replace that departing employee:
- It costs 30% to 50% of annual salary to replace entry-level employees.
- It costs 150% of annual salary to replace mid-level employees.
- It costs 400% of annual salary to replace executive-level employees.
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