Why Is Employee Retention Important?
Spending the time finding employee retention ideas is sure to pay off for your business. Besides being a pain, low employee retention has a direct detrimental impact on your organization’s finances. In fact, replacing a single employee costs an organization about 50-60% of that worker’s salary on average. Reduce this cost by researching effective staff appreciation ideas and implementing them.
Improving your employee retention rate can provide countless benefits to your company. This includes: increased productivity, improved employee engagement, and a more positive work culture. Take the time to create happier employees with a positive work environment.
Read ahead to find 15 cost-effective staff appreciation ideas proven to improve employee engagement, and reduce the amount of turnover within your organization.
15 Employee Retention Ideas:
#1: Start strong during onboarding
Provide a solid foundation for employee retention by making new hires feel welcomed during the onboarding process. A quick way to do this is by creating a personalized ‘welcome’ section for new employees and display it on your company’s internal dashboard.
#2: Consistently provide positive feedback
For optimal team performance, studies show that employees need approximately five positive comments for every negative one. Provide frequent positive feedback and reward employees for a job well done. Even recognizing employees for minor accomplishments can help boost their mood and improve the employee retention rate.
#3: Acknowledge the little moments
When talking about employee retention ideas, celebrating the small accomplishments of individual employees is often not discussed. While company-wide successes are important, do not forget the smaller achievements. A little appreciation from top brass can go a long way in improving employee satisfaction.
#4: Increase team recognition
Recognize teams and groups for a job well done. This can make every member feel appreciated and can be as effective as recognizing people individually. Ways to show team recognition can be as simple as a lunchtime pizza party.
#5: Reward model employees
Since everyone likes gifts, why not acknowledge hard work with a recognition program? To automatically keep track of prize handouts, use a point system where workers can redeem their points for prizes like gift cards or retreats with coworkers. Nonmonetary prizes can be motivating too; try providing options like having lunch with the CEO or winning a convenient parking space.
#6: Show staff appreciation with awards
Honor dedicated employees with rewards to boast their achievements and reward employees for a job well done. Digital awards are easy to bestow and can motivate others in your company if you display them on individuals’ profiles, a public dashboard, and the company newsfeed.
#7: Encourage peer to peer recognition
Say hello to one of the most commonly overlooked employee retention ideas: peer to peer recognition. While manager recognition is important, don’t forget about the satisfaction that comes from being acknowledged by your coworkers. Having employees give each other awards is a great way to create a supportive culture and make everyone feel included.
#8: Create connections
Promote a positive work culture by encouraging employees to frequently communicate. If in-office conversations are not possible for your workers, provide a place online where these conversations can happen. Getting to meet coworkers and develop friendships helps encourage employees to keep coming to work.
#9: Wish “Happy Birthday”
Celebrating employee’s birthdays is a simple way to make sure they feel appreciated. Greeting cards are a great way to do this and are easy to customize to each individual so that there is a personal touch. While getting everyone in the office to sign a card can be tiresome, doing this virtually can streamline and automate the process, making it even easier to implement.
#10: Celebrate work anniversaries
Remind long-term employees that your company values them by celebrating their work anniversaries. Even better, this process can be automated to ensure that no one is forgotten.
#11: Spread office cheer
Boost company morale and lift your team’s spirits by celebrating holidays. Be sure to not leave out deskless workers by also including them in the festivities; ecards are a great way to accomplish this.
#12: Add personalization
Design greeting cards and awards with your business’s branding to promote company pride. Going the extra mile by also individualizing them with custom messages adds authenticity and increases employee morale as well.
#13: Boost employee engagement
Wondering how to improve employee engagement? An easy way to add excitement to your workplace is with gamification by giving top employees points each time they go above and beyond. An added bonus is that game leaderboards give people an easy way to learn each other’s names, which fosters work relationships.
#14: Customize recognition to each employee
One of the most creative employee recognition suggestions is to include multiple forms of appreciation in your company to accommodate different people since not everyone likes public recognition or gift cards for hard work.
#15: Recognize all workers
While each of these staff appreciation ideas is essential, it is equally important to reward workers who are not in the office as well. This includes frontline workers, factory employees, remote workers, or those that are on-the-go.
MangoApps provides a one-stop shop for all of your workplace needs. If you would like to learn more about how MangoApps can help your organization with rewards and recognitions, click here.