Effective Rewards and Recognition Strategy: Enhancing Employee Engagement, Customer Retention and Company Performance
Year: 2020
Type: preprint
Abstract: Organizations across the world seek to retain their talent. The loss of an employee has been proven to cause exorbitant costs in the recruitment, selection and training of a replacement —
costs amounting to a full year’s compensation or more. Moreover, an organization’s workforce is among its most precious resources. Skilled and competent employees — and thus their retention — are acknowledged as being imperative for business success. Rewards and recognition
are important resources that can motivate employees to accomplish organizational goals and play a key role in employee retention. To guarantee not only the retention of, but also optimum performance from, its employees, an organization must offer a range of diverse means of
rewarding its employees
Source: SSRN Electronic Journal
Author: Pankaj M. Madhani
Institution: ICFAI Business School
Language: English
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W3114496595