Compensation has little to do with an employee’s decision to leave a company, suggesting that recognition (or lack thereof) plays a much bigger role in turnover. On exit interviews, 88 percent of employees said they left for reasons other than pay, according to data per Online Rewards CEO Michael Levy. Employees want to know that they’re contributing to company success and making a difference, and not just going through the motions to receive a biweekly check. If employers can realize that their recognition practices need to get up to speed and better align with employees’ job satisfaction, they’ll be more likely to keep employees happy and keep them around, which is where technology makes all the difference.
Technology is today’s force behind the recognition evolution. Tech, mainly Smartphones, transforms sporadic recognition into continuous communication and feedback. Because of technology-enabled recognition, the relationship between leaders and their employees develops and turnover is significantly lowered.