Effective Rewards and Recognition Strategy: Enhancing Employee Engagement, Customer Retention and Company Performance

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

Keywords: Rewards, Recognition, Employee Engagement, Customer Retention, Company Performance