Short-Term Recognition = Long-Term Loyalty
According to the Corporate Leadership Council, engaged and motivated employees are 57% more effective at performing their jobs. Employee engagement and loyalty should be a prized possession for every company. Even with all the financial gains and attributes a loyal employee base produces, many organizations still fail to put processes into place that deliver short-term recognition. This short-term recognition, such as on the spot rewards, points, or simply saying thank you, carries an estimation of value to each employee, and can lead to true employee loyalty and engagement.
Towers Perrins’ 2006 global survey found that companies with highly-engaged employees had a 52% gap in performance improvement in operating income, compared with companies whose employees had low engagement scores.
A study by the Corporate Leadership Council of 50,000 employees found that employees who are most committed perform 20% better and are 87% less likely to leave the organization.
Gallup research shows that organizations with high engagement levels have 37% less absenteeism, 25% less turnover in high-turnover organizations, and 49% less turnover in low-turnover organizations
Employee engagement is and should be thought of as an ongoing process and should never be considered an end result. Employee engagement and loyalty is a culmination of individual experiences, and the value employees assign to multiple experiences will help organizations build a piggy bank of good will and loyalty amongst their employees.
Loyaltyworks employee recognition programs, powered by the RewardTrax Total Recognition Suite, provide quality short-term recognition experiences through on-the-spot point rewards, which can be redeemed in our online reward catalog, and an internal social wall where recognition can be made and shared publicly.