Glossary of Employee Recognition, Total Rewards, and Company Culture Terms
Turnover rate refers to the percentage of employees who leave an organization and need to be replaced within a specific period. It is an important metric that helps businesses understand the cost and impact of employee turnover on their operations.
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High turnover rates can be detrimental to businesses as they lead to increased recruitment costs, lost productivity, and decreased morale among remaining employees. By tracking and analyzing turnover rates, businesses can identify areas for improvement and develop effective employee recognition programs to reduce turnover rates and retain top talent.
Several factors can influence turnover rate, including job satisfaction, career growth opportunities, salary and benefits, company culture, and work-life balance. Employee recognition and rewards programs can play a significant role in addressing some of these factors and creating a more engaged and satisfied workforce. By recognizing and rewarding employees for their hard work, companies can improve morale, increase motivation, and reduce turnover.
You have the ability to lower your turnover rate—here are some strategies:
By implementing these best practices, businesses can create an environment that supports, rewards, and lifts employees; in other words, a place employees will want to stay.