Boston and Toronto (PRWEB) March 31, 2011 — I Love Rewards, the leader in employee rewards and recognition solutions, announces its best practices to avoid voluntary turnover and increase employee engagement. A recently released survey conducted by Harris International found that 74% of workers not actively engaged in a job search would consider a new opportunity if approached, making evident the critical challenge for employers to retain top performers in the coming months.
Top performer flight is always a concern, and the rebounding economy is accelerating its threat. The Glassdoor Employment Confidence Survey found optimism in the job market at a six quarter high, with 73% of employees expecting to leave their job for a new employer in the future.
“It’s no longer a viable option for a company to assume that an employee who weathered through the recession will continue to stick around without being fully engaged at work,” says Razor Suleman, CEO and Founder, I Love Rewards. “Employers need to reevaluate practices to increase engagement and decrease the risk for potential turnover by delivering above average employee experience.”
To ensure that your top performers don’t jump ship, adopt an employee-centric strategy that employs best practices in talent management. The initiatives that will have the biggest impact in Retaining Top Performers in the Recovering Economy are:
• Performance-based recognition. Talented workers will always have job opportunities with a fair salary, so it is necessary to differentiate your organization through culture and values. Keep key players on board by delivering performance-based recognition that is meaningful, timely, and specific.
• Transparent communication. Rethink outdated practices such as annual performance reviews and create a frequent and transparent line of two-way communication that provides a platform to discuss engagement levels and surfacing issues in a timely manner.
• Meaningful rewards. A paycheck is an obligatory transaction that compensates an employee for the job they were hired to do, but is not a thank you or motivator. An American Psychological Association survey found that only 43% of employees feel they receive adequate non-monetary rewards and recognition for their contributions at work. Rethink ineffective years of service awards and generic gift card giving and empower employees to choose how and when they want to be rewarded.
To ensure that your organization is engaging and retaining top talent, read I Love Rewards’ informative White Paper, Retaining Top Performers in the Recovering Economy.
About I Love Rewards:
I Love Rewards is an employee recognition solution that helps companies recognize brilliant performance and empowers employees to choose their own rewards. Unlike traditional service award programs, I Love Rewards creates authentic moments of recognition that resonate with workers of every generation. I Love Rewards’ clients include 3M, Eli Lilly, Marriott, ConAgra Foods and Health Now. Find us on the web at http://www.iloverewards.com
This press release was distributed through PR Web by Human Resources Marketer (HR Marketer: www.HRmarketer.com) on behalf of the company listed above.
Tags: I Love RewardsThis entry was posted on Thursday, March 31st, 2011 at 9:00 am and is filed under Compensation/Incentive Programs, Compliance, Diversity, Employee Benefits, General HR, HR Consulting, HR Technology, HRIS and/or ERP Solutions, Marketing and Public Relations, Outsourcing, Payroll Services, Recruitment / Staffing, Screening / Assessment, Talent Mgmt/Employee Relations, Training and Development. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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