Posted by Tara LintonThursday, December 22nd, 2011
In the article “The Top Ten Reasons Why Large Companies Fail to Keep Their Best Talent,” I believe that the writer omits one very significant reason. Rewards and recognition clearly play a critical role in keeping top talent at both small and large companies — but were left out of the article. Companies that choose to ignore this fact will notice that it is a contributing factor to their best and brightest walking out the door.
The fact is, no matter what a person’s position within an organization, they want to be recognized and rewarded for their hard work. Many companies will say, “Well, that’s why they get paid the big bucks.” And on some level that is true. But compensation only goes so far. Employees inherently desire to be patted on the back for a job well done.
According to a survey conducted by the Society of Human Resource Management (SHRM), voluntary resignations are rising – 90% of employees cite lack of recognition and feeling underappreciated as reason for leaving.
So, while the writer of the article makes many valid points, rewards and recognition simply cannot be left off the list. The benefits of a carefully structured rewards and recognition program go well beyond employee retention to encompass employee motivation and goal attainment, customer satisfaction and retention, and more.