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

The Journal of Total Rewards, Vol. 29, No. 2, January 2020, pp. 39-48

14 Pages Posted: 29 Sep 2020

See all articles by Pankaj M. Madhani

Pankaj M. Madhani

Former Dean (Academics) & Professor

Date Written: January 2020

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

Suggested Citation

Madhani, Pankaj M., Effective Rewards and Recognition Strategy: Enhancing Employee Engagement, Customer Retention and Company Performance (January 2020). The Journal of Total Rewards, Vol. 29, No. 2, January 2020, pp. 39-48, Available at SSRN: https://ssrn.com/abstract=3672972

Pankaj M. Madhani (Contact Author)

Former Dean (Academics) & Professor ( email )

India

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