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069 - 5 Pillars of Strategic Recognition: Reduce Employee Turnover by 45%
Manage episode 454080316 series 3474709
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Discover the science behind effective employee recognition and how it can dramatically reduce turnover costs. In this episode, Dennis Collins and Leah Bumphrey break down Gallup's latest research, revealing how well-recognized employees are 45% less likely to leave their positions within two years. Learn the five essential pillars that make recognition programs truly effective.
Key Takeaways:
- Employee turnover is extremely costly: 200% of salary for leadership positions, 89% for technical staff, and 40% for frontline employees
- The five pillars of effective recognition are: fulfilling, authentic, personalized, equitable, and embedded in culture
- Recognition must be tailored to different personality types and departments - one size does not fit all
- Well-implemented recognition programs can reduce turnover by 45% over two years
Timestamps:
00:00:00 - Introduction and turnover cost discussion
00:02:15 - The true cost of employee turnover
00:05:30 - Breaking down the five pillars of recognition
00:12:45 - Implementation strategies for recognition programs
00:18:20 - Case studies and real-world examples
00:22:30 - Action steps for business owners
Connect with Our Hosts:
Dennis Collins
Leah Bumphrey
About Our Hosts:
Dennis Collins is a business growth strategist with over three decades of experience in media and sales management. His expertise in employee retention and organizational culture has helped numerous businesses achieve sustainable growth.
Leah Bumphrey is a sales performance expert specializing in recognition programs and team development. Her unique perspective combines both management and support role experience, giving her valuable insights into effective recognition strategies.
Ready to transform your business's recognition strategy?
Email denniscollins@wizardofads.com or
to schedule your complimentary 60-minute discovery call.
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