Companies that score among the top 20% of “best employee recognition” companies have a 31% lower rate of voluntary departures. (Growth Engineering)
Reward your employees for actions that best represent the organizational culture you are looking for. A culture rich in recognition will also reduce fluctuation, giving your organizational culture longevity.
Quick win ideas for an action plan:
Reward employees according to their contribution, publicly praise them and show that you value their contribution. Prizes can be financial or non-financial (time off, weekend travel, additional vacation days, etc.)
Strategic initiative ideas:
Establish strategic reward policies.