NONMONETARY REWARD AND RECOGNITION PROVIDERS
Today’s new hires are leaving employers soon after signing up, representing substantial corporate investment in recruiting and training that just goes down the drain.
Half of U.S. employees ages 20 to 24 have been with their employer for a year or less, according to 2006 numbers from the Bureau of Labor Statistics, the latest available. That number looks great, though, compared with the mere 13 percent who stick around for up to 23 months and the 10 percent who stay for two years. Combine those figures with the Millennials’ (those born after 1980) oft-reported need for constant attention, and the five-year service award is as passé as pleasant air travel.
Early engagement is the new rubric for rewards and recognition programs. Companies are rapidly implementing these initiatives to try to stem turnover among their newest hires. Another goal is to increase the number of employees who receive recognition and rewards so that acknowledging accomplishment comes to be seen as an integral part of company culture.
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