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Fraser Gillies
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Fraser Gillies is a principal at Publicize, a PR firm for growth-stage startups and technology firms.
A talented team is arguably one of the most valuable assets of any company. For startups and smaller enterprises, this statement usually rings even truer.
But it takes plenty of time and effort to recruit the right people. And, once on the team, making sure that your talent sticks around is an even bigger challenge. While some degree of staff turnover is natural, it takes time and energy for new hires to learn the specific ropes of your company, build relationships with colleagues and begin delivering results. If these new hires leave, it not only puts unnecessary strain on your operations but could also point to a larger issue.
Retention initiatives often look at how competitive compensation rates are, or whether work-life balance at the company could be improved. Employee recognition is often left out of the conversation but it is something that has a significant impact on any retention strategy. That’s because 36% of employees cite a lack of workplace recognition as the main reason for quitting, with 60% being more motivated by recognition than money.
And it’s not just retention rates that are at risk, but the performance of those employees who stick around. Research shows that employees on the receiving end of fair and consistent recognition from their leaders generated twice as many ide …
