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The Awards Program Helping Companies Hold Onto Their Best People
- The Global Recognition Awards program offers a way for companies to publicly recognize and appreciate their employees, helping in retaining talent.
- External recognition is becoming more significant as it feels more genuine and exceptional to employees compared to internal rewards.
- Research shows that strong recognition reduces employee turnover significantly, making employees feel valued and connected to the company.
- Recognition plays a crucial role in helping employees understand that their work matters and gives them purpose, outweighing offers from other employers.
- Losing good employees can be costly, both financially and in terms of morale and progress, making recognition a practical and cost-effective retention strategy.
- While raises and bonuses matter, helping employees feel appreciated in the workplace is more crucial for employee satisfaction and retention.
- Global Recognition Awards ties recognition to company values, increasing the impact of awards and helping employees understand what constitutes great work.
- The awards program allows nominations from colleagues, clients, or companies themselves, with a fair judging process to avoid bias and recognize meaningful contributions.
- HR teams should track achievements and make meaningful nominations that highlight leadership, impact, and creativity to effectively use recognition programs.
- Retention data and employee surveys can measure the success of recognition programs, showing that external recognition plays a crucial role in employee retention and satisfaction.
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