Why are so many workers searching for new jobs? Even before the pandemic struck, the answer is lack of recognition, as noted by NBC News and the Gallup Organization.

Appearing on CNBC, former Yum! Brands CEO David Novak believes there’s a tremendous lack of recognition in the world today, something he calls “global recognition deficit.”

“The time bosses spend on recognition is one of the best investments they can make,” Novak says. “By building recognition into their daily routine, it will become more natural for them over time. Recognition just becomes the way they do things, rather than an add on. In fact, it will actually make them more productive because their employees will want to help them.”

And, according to the Gallup Organization, “A lack of recognition remains one of the most common reasons why employees leave an organization. What’s more, our research suggests that the more talented the employee is, the faster they leave, compared with other disengaged employees.”

In addition, the Society for Human Resource Management (SHRM) regularly stresses the importance of a total rewards (TR) approach that includes strong recognition practices as part of a comprehensive and creative TR strategy.

For All Star Incentive Marketing, we believe a total rewards architecture can combine a host of employee incentive rewards as well, versus isolated or one-time program rewards.

Reward packages can be bundled for achievements like sales goal attainment, successful project completion, health and wellness goals, observing safety protocols, completing a training program, reaching a service anniversary, and for new employees, onboarding incentives.

It’s also important that all the elements of a total rewards process be branded similarly, and that all messaging around the total rewards process be delivered and communicated consistently.

Here’s why total reward systems offer benefits to both employers and employees. These advantages can include:

Top talent recruitment potential

An effective total reward system that satisfies employees’ needs can attract a broad demographic of potential candidates. It can help build public perception of working for the company as lucrative and give the organization a competitive advantage in recruiting top talents across various disciplines.

Employee retention

Adopting a total reward system boosts morale, encourages loyalty and creates a strong work environment that caters to employees’ personal and professional well-being. It can also result in less employee turnover and save costs for recruitment. Employee retention can also improve the corporate culture by giving employees a sense of company ownership and encouraging them to deliver high-quality work.

Employee engagement

A total reward system can increase engagement with peers and employers. It encourages members to work together to achieve set goals and provides an environment conducive to sharing ideas, grievances and concerns to improve the company’s operations.

Business performance improvements

A strong total reward system attracts top talents and creates a motivating work environment that can improve overall or specific business performance. Non-monetary benefits help employees develop effective work strategies, improve their professional skills and deliver beyond expectations.

A total rewards approach is one of the most rewarding ways to connect team members and your organization with a powerful method that honors success and achievement and shows care for the individual in a holistic way.

Are you considering developing a total rewards system at your company? Our incentive professionals can create a cohesive, comprehensive program to streamline and improve your incentive delivery system. Contact us to learn more about our capabilities.