Infographics Blog on Employee Recognition Statistics the HR Should Know
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What is employee recognition? It is defined as the acknowledgement of the performance and efforts of employees in an organisation that exceeds the normal expectations. Employee recognition is a great approach to make the employees of an organisation feel valued. There are multiple ways to recognise employee efforts and it's up to the HR department to decide what works best for the organisation. Now, one might wonder about the significance of employee recognition. After all, while it does boost employee morale, does the organisation stand to gain in the long run?
The answer lies in the rising rate of employee turnover in organisations today. There is a shortage of good talent in the job market, which means organisations simply cannot afford to lose their top performers. Moreover, replacing an employee can also be a very expensive exercise for the company, with the replacement process costing the company as much as twice the annual salary of the employee (according to a study by Gallup).
Businesses in the United States lose up to $1 trillion every year due to employee turnover.
This fact by Gallup indicates that it's high time the HR department took employee retention seriously, and one of the key factors influencing retention is poor levels of employee engagement. Research shows that one of the most effective ways to boost employee engagement is through well-designed employee recognition programs. What's more, in the long run, it adds to employee productivity and innovation in product development. Here we have an infographics that showcases key employee recognition statistics on the significance of employee recognition for enterprises today.
Digital HRMS is an example of an advanced HR software that is designed to help the HR streamline employee recognition programs. It is a modular customisable software that offers dedicated modules for every HR function. The Performance assessment module of Digital HRMS is what you need for implementing employee recognition programs successfully. Given below are the key features of the performance assessment module of Digital HRMS.
Want to discover more about how Digital HRMS can help your HR team streamline management of employee recognition programs?
Visit our website www.digitalhrms.com or drop us an email on marketing@digitalhrms.com and our team will get in touch with you. Now, get Full access to Digital HRMS Free for 90 Days. Available for Limited Period only.
Stay connected with us on Social Media for all the latest updates.
Read: HR Experts Talk about Employee Engagement Strategies
The answer lies in the rising rate of employee turnover in organisations today. There is a shortage of good talent in the job market, which means organisations simply cannot afford to lose their top performers. Moreover, replacing an employee can also be a very expensive exercise for the company, with the replacement process costing the company as much as twice the annual salary of the employee (according to a study by Gallup).
Businesses in the United States lose up to $1 trillion every year due to employee turnover.
This fact by Gallup indicates that it's high time the HR department took employee retention seriously, and one of the key factors influencing retention is poor levels of employee engagement. Research shows that one of the most effective ways to boost employee engagement is through well-designed employee recognition programs. What's more, in the long run, it adds to employee productivity and innovation in product development. Here we have an infographics that showcases key employee recognition statistics on the significance of employee recognition for enterprises today.
So, the above employee recognition statistics show that employee recognition is essential, but how does one implement and manage it successfully? For this, the HR department needs an advanced HR software that automates the process, streamlines it and manages the data for all the employees in the organisation. This way, it becomes easier for the HR to make sure the efforts of the employees do not go unnoticed and unappreciated.
Digital HRMS is an example of an advanced HR software that is designed to help the HR streamline employee recognition programs. It is a modular customisable software that offers dedicated modules for every HR function. The Performance assessment module of Digital HRMS is what you need for implementing employee recognition programs successfully. Given below are the key features of the performance assessment module of Digital HRMS.
- A unique self-assessment form for performance appraisal
- Performance based on average score for different competencies
- Modifiable appraisal cycles, rating scales, competencies, KRAs & goals
- Smooth transition from appraisal/confirmation initiation to closure
- Easy-to-explore confirmation status – approved, extended, pending or submitted
- Modifiable rating scales
- Confirmation period configuration
- Detailed reports and email notifications
- Dynamic workflows
Want to discover more about how Digital HRMS can help your HR team streamline management of employee recognition programs?
Visit our website www.digitalhrms.com or drop us an email on marketing@digitalhrms.com and our team will get in touch with you. Now, get Full access to Digital HRMS Free for 90 Days. Available for Limited Period only.
Stay connected with us on Social Media for all the latest updates.
- https://www.facebook.com/DigitalHRMS/
- https://twitter.com/DigitalHRMS
- https://www.linkedin.com/showcase/18484661/admin/
- https://www.instagram.com/digitalhrms/
Read: HR Experts Talk about Employee Engagement Strategies
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