How can recognition increase employee retention?

How can performance feedback and simple employee recognition improve retention and prevent turnover?
The answer is easy to understand, but not always straightforward to enact in an office. Employees want to know that their work means something. They often want to understand how their contributions, both small and large, help shape the bigger picture of the business and increase profit.
A recent study, “The Effects of Employee Recognition and Appreciation,” conducted by TINYpulse, an employee engagement and research firm, found that 79 percent of employees “don’t feel strongly valued for the work they put in.”
The data found a correlation between the feeling of being valued and the overall satisfaction workers feel within their positions. A great way to measure this is to enquire whether an employee would be willing to apply for their same position again now that they have experienced it firsthand.
The study also found that displaying appreciation and feedback for completed work not only strengthens relationships between employees, but also those between workers and management.
As stated by Forbes, employees want to work for managers and other leadership teams that recognize and appreciate their contributions.
By providing effective performance feedback management can help their workers grow into their roles while displaying how the business runs as a whole.
Effective feedback is timely, specific, respectful and shaped by behavior. In addition, although it is important to receive feedback from management, feedback from other employees is also important.
This feedback should remain open to both negative and positive concerns, as well as a two-way street in terms of communication.
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