
SHRM/Globoforce Survey Shows Link Between Employee Recognition and Lower Turnover Levels
November 15, 2012 | Globoforce Press Release
SOUTHBOROUGH, Mass., and DUBLIN, Ireland – November 15, 2012 – According to the recent SHRM/Globoforce Employee Recognition Survey*, companies with employee recognition programs experienced a 22 percent lower turnover rate versus organizations without a recognition program. The survey results were announced today by Globoforce® (www.workhuman.com), the world’s leading provider of social recognition solutions, and the Society for Human Resource Management (SHRM), the world’s largest association devoted to human resource management.
In the August 2012 iteration of the SHRM/Globoforce semi-annual survey, responses from 815 HR professionals surveyed show a positive impact of recognition on employee retention, engagement, performance, and satisfaction. Key insights from the survey include:
Succession planning tops list of HR challenges
More than two-fifths (41 percent) of those surveyed cited Succession Planning as one of the top HR challenges, followed by Employee Engagement (40 percent) and Culture Management (30 percent). This finding underscores the need for companies to identify high potential, high performing individuals as part of their talent strategy.
Recognition programs positively impact performance management
The latest SHRM/Globoforce survey indicates the influence of a recognition program on performance appraisals and evaluations. Among companies that have a recognition program in place:
- 58 percent said performance reviews are an accurate appraisal for employees’ work (versus 44 percent of companies without a recognition program)
- 66 percent said employees are rewarded according to job performance (versus 39 percent without a recognition program)
- Nearly double the percentage of said employees are satisfied with the level of recognition they receive (compared to companies without a recognition program)
- 85 percent have seen a positive impact on employee engagement
- 61 percent have seen an improvement in employee retention rates
- 59 percent have seen stronger financial results
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