In an international research survey conducted in 2013, it was found that organizations that had a proper Rewards and Recognition (R&R) system implemented witnessed very low annual voluntary turnover for their employee's vis-a-vis those firms that did not have an Rewards & Recognition system or had an insufficiently designed one. 70% of firms following Rewards & Recognition had an annual voluntary turnover rate of less than 10%, while 31% of such companies had a voluntary turnover of less than 5%. Only 14% organizations claiming Rewards & Recognition had a voluntary turnover of more than 15%.
A proper rewards and recognition system can go a long way in helping organizations retain talent. Employees have a genuine need to feel appreciated for their work and a good Rewards & Recognition system ensures that you reward and recognize them the right way, the way they want. Xoxoday's Enterprise Rewards & Recognition platform allows you to leverage technology to retain your talent and develop it. This SaaS-based system empowers you to let employees choose the experience that they want to avail. It creates a win-win situation as happy employees perform better to achieve organizational goals.
In the research highlighted above, another finding was that the voluntary annual turnover rate of employees in all the organizations surveyed was an inverse function of the average number of recognition programs offered by them. For companies with turnover rates below 5%, average number of recognition programs was found to be 4.1. This reduced to 4.0 for organizations having their turnover rates between 5% and 10%. The number of recognition programs reduced further to 3.7 for firms having turnover rates between 10% and 15%.
From the research findings cited above, it is clear that employee retention varies directly with the number and the quality of rewards and recognition programs run by organizations. Appreciating employees for their work and accomplishments keeps them happy and engaged which in turn leads them to want to spend more time with their organizations. Xoxoday Enterprise Rewards & Recognition system imparts systemic robustness to your rewards and recognition strategy as well as offers a variety of experiential gifts and activities for your employees to make the most out of your recognition systems.
How Rewards and Recognition (RnR) lead to retention of talent?
Globally, about 8 out of 10 companies offer some sort of recognition program for employees. In a global research, 69% of employees admitted they would work harder if they felt their efforts were better appreciated. When asked what leaders could do more to improve retention and engagement, 58% of respondents replied, “Give recognition”. Companies with recognition programs that were effective at improving employee engagement had 31% lower voluntary turnover. 50% of employees believed being thanked by managers not only improved their relationship but also built trust with their higher-ups.
Mutual trust and commitment indicate employee engagement, which in turn means the employees are more likely to stay and work for long. When RnR is strategically planned and meticulously administered, trust develops and the probability of employee retention increases.
Why should you select Xoxoday for retaining talent?
Diverse RnR offerings
For a diverse workforce, you need an equally diverse set of RnR offerings. Xoxoday brings to you experience and voucher rewards that can be readily availed and enjoyed by your employees. With our reward options, they would feel spoilt for choice. We also have a cloud-based gamified SaaS platform that helps streamline and automate Total Rewards (TR) program. This technology is flexible and scalable and can customize rewards for your international employees as well.
Impact on employee longevity
Xoxoday’s experiences, vouchers and technology platform have a proven track record of keeping employees engaged and productive. This reflects in the high demand of rewards as well as the high redemption rates from our esteemed client organizations.
Rewards that create memories
Experiential rewards create memories that last for a lifetime. Unlike a perishable possession, experiences are infinitely durable and have a lasting impact on the recipient’s mind. Most employees prefer collecting cherishable moments over tangible assets, and experiences fit the bill like no other reward options. Our points-system based SaaS platform comprises of exhaustive rewards catalog with instant recognition as well as global fulfillment and redemption features. These rewards are multi-cultural in nature and are accompanied by people analytics and local language & customer support modules.
Our RnR offerings span the complete employee lifecycle. Xoxoday offers rewards for both personal and professional occasions. Personal milestones include Birthdays, Marriage, Anniversaries and Parenthood whereas professional occasions comprise Long Service Awards, Referral Rewards, Joining Delights, Team-building activities, SPOT Awards, Peer-to-peer recognition and Retirement to name a few. Our experience rewards can be given a tangible look and feel in beautifully customized, keepsake boxes along with the company branding and personalized messages to the employees.
Impeccable customer satisfaction
Our customer satisfaction scores speak for themselves. The long term running average of the rating exceeds 90% across our clientele. This delight can be attributed to a strong value-proposition of Xoxoday’s rewards as an offering as well as a strong delivery and customer support mechanism.
Rewards endorsed by employees
According to a recent corporate research, around 80% of the employees surveyed were of the opinion that experiences and activities boosted productivity. They were also of the view that anticipating experiences made them happier vis-a-vis purchasing a product.
With our SaaS platform for RnR, our client organizations have chosen to engage their employees in an effective manner. Everyday, they witness their employees interact socially and appreciate each other’s gestures and efforts. They showcase their top performers upon a live leaderboard. Organizations get to monitor their reward spends and deploy people analytics to ensure their employees stay happy and productive while employees get to enjoy unique experiences and activities, and imbibe learnings from them. With Xoxoday, retaining talent is no more a riddle to solve.
A boss wants to pay for results, an employee wants recognition for effort. If a boss recognizes effort, they will get even better results. - Simon Sinek