Thursday, August 12, 2010

Individualized, frequent, specific and timely recognition can reduce turnover in your company

The Carrot Principle: How the Best Managers Use Recognition to Engage Their People, Retain Talent, and Accelerate Performance
management consultants Adrian Gostick and Chester Elton explain how organizations and managers can use praise and recognition to motivate their workforces.

The authors base their conclusions on a survey of 200,000 employees in North America. Results indicate that job satisfaction has never been lower. Lack of motivation and disengagement leading to increased turnover represents the most significant uncalculated expense for employers. It is estimated that replacing a staff member can cost up to 250 percent of the person's annual salary.

Nudging managers to recognize their employees individually and often can significantly reduce turnover in a company. 

Here is a short video summary

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