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Recognition is one of the keys to staff retention, according to new findings.
Research published by P&MM, a performance improvement agency, revealed that employers could improve the length of service from staff members by four years simply by making efforts to recognise the achievements of their workforce.
Some 12,331 staff members were surveyed for the report, with industries ranging from field engineers, IT developers, manufacturing site employees and office workers.
Speaking about the findings, John Sylvester, director at P&MM, described the results as “interesting” and said they provide valuable insight for employers, to identify ways to retain talented staff who may be considered a flight risk.
He said: “Whilst we are not suggesting that a single thank you alone will result in three or four more years of service, the data clearly indicates a propensity for individuals who are recognized to be more engaged at work, to go above and beyond and to have better relationships with managers and colleagues. This sort of analysis provides a valuable insight for managers as it means that recognition programme data can be used to highlight those staff who are a flight risk.
“These individuals may well feel unappreciated or not be performing in such a manner that warrants a thank you from colleagues and therefore require greater attention. It also makes high uptake and ongoing use of recognition systems vital to the overall success of any organisation.”
The analysis showed that the average retention rates ranged from 4.7 to 9.8 years for those employees who had not been formally thanked by their managers.
Some staff stayed on for between eight and 14 years longer if they had received at least one form of manager or peer led recognition whilst employed in the same organisation.
The difference in tenure ranged from 3.46 to 4.2 years, according to the study and this produced an average growth of 3.7 years in employment.
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