Elevate your HR strategy with our focused guide crafted for HR Professionals and Reward Directors
This definitive guide explores the benefits on offer to HR Professionals and Reward Directors
How does your company rate when it comes to your Employee Value Proposition?
ROI Calculator
Replacing an employee is expensive; retaining one costs much less. A well-designed Reward & Recognition programme can significantly reduce staff turnover
Calculator assumptions
It is generally estimated that the cost of replacing a salaried employee can amount to between six to nine months' worth of their salary. This estimate encompasses recruitment costs, training expenses for the new hire, and their salary - see below for more details.
Implementing a Recognition and Rewards (R&R) strategy as part of a broader employee benefits scheme significantly reduces turnover. Many companies observe lower employee turnover rates after introducing R&R initiatives. Recognition of contributions helps employees feel valued and acknowledged for their hard work.
Additionally, companies with strong R&R cultures attract higher quality talent. A Glassdoor survey in 2023 highlighted that 76% of job seekers consider a company’s culture and values important when applying for a job.
Further reading: Combatting High Staff Turnover: Strategies for Workplace Retention, What is Reward & Recognition (R&R)?
ROI Calculator
Replacing an employee is expensive; retaining one costs much less. A well-designed Reward & Recognition programme can significantly reduce staff turnover.
Don’t use this form if you are an employee and have a query about your account, gift cards, orders or anything else. Please contact us Here