Employee retention is a hot topic as we head out of the “Great Recession” and employment opportunities for your employees start to increase. It is more important now than ever to take steps to ensure that you retain the employees that are critical to your business. The costs to replace an employee varies by wage and role, from $3,000 to replace a $10/hour retail employee up to 6 to 9 times the annual salary for salaried employee. High turnover rates also have a negative impact on employee morale, productivity and revenue that push these costs even higher.
Many studies have pointed out that “happy employees” help businesses grow and thrive. So, how do you cultivate happy employees?
Why is employee appreciation important? One way to cultivate happy employees is to show your appreciation for them by celebrating their career achievements, such as anniversaries. In a study from O.C.Tanner, a Pasadena, CA-based company specializing in employee retention, it was discovered that celebrated employees are inspired to do more great work, feel a strong sense of organizational pride and have a stronger desire to stay with their current company.
What can your company do? In addition, O.C. Tanner created a short Slideshare presentation that provides six best practice tips for tying your career celebration activities into your corporate culture. At the end of presentation, you can click on a link to download their full whitepaper with complete details and examples.