June 22, 2015 | Globoforce Press Release
SOUTHBOROUGH, Mass. and DUBLIN, Ireland – June 22, 2015 – Employee retention/turnover is the number one workplace challenge facing HR leaders today, according to the 2015 SHRM/Globoforce Employee Recognition Survey. The survey results were announced by GloboforceOpens in a new tab® (www.workhuman.comOpens in a new tab), a leading provider of social recognition solutions, and the Society for Human Resource Management (SHRM), the world’s largest association devoted to human resource management. In the survey, 40 percent of HR professionals cite employee retention/turnover as their top organizational challenge, followed by employee engagement. The survey of 823 HR leaders also examined the benefits of employee recognition programs tied to company values, and the impact these programs can have on company culture. 90 percent of respondents practicing values–based recognition say it positively impacted engagement, while 68 percent say it positively impacted retention. Key insights and findings from the report include: The top three challenges faced by HR organizations today are retention/turnover, employee engagement, and succession planning. In the 2013 and 2012 SHRM/Globoforce surveys, employee engagement and succession planning topped the list of challenges for HR leaders. Growing concerns about retention/turnover have now overtaken them both, symbolizing a sign of the growing war for talent.
Values-based recognition programs are seen as creating stronger cultures and more human workplaces, and increasing bottom-line organizational metrics. The 2015 SHRM/Globoforce survey found an uptick in the number of recognition programs aligned to company values. The survey also found that recognition—and in particular values-based recognition—is perceived to be driving key metrics such as engagement, retention, safety, wellness, employer brand and even cost control goals.
The top objective for years of service programs is employee appreciation, but many programs still fall short of the mark for inspiration and quality. Years of service (YOS) programs are widely practiced in today’s organizations, but many are falling short of excellence. HR leaders say this can be improved through inspiring experiences and participation from senior leadership.
“Now more than ever, companies are focusing on culture as a competitive differentiator,” said Eric Mosley, CEO of Globoforce. “They’re realizing that a best-in-class culture is dependent upon employees feeling engaged and nurtured, and that this type of human workplace starts and ends with recognition.” "The latest SHRM/Globoforce survey provides insight into the key concerns among the HR leaders. The one that rose to the top of the list was employee turnover/retention, which is certainly not a surprise given the strengthening job market," said Evren Esen, SHRM's director of survey programs. "The good news is that our findings reveal that employee recognition programs promote engagement and an overall positive work experience." Survey Methodology * The SHRM/Globoforce Employee Recognition Programs Survey was commissioned by Globoforce and conducted by the Society for Human Resource Management from January 13, 2015 to February 4, 2015. This is the fifth deployment of the survey since its launch in 2011. This edition of the survey was sent to 6,000 randomly selected SHRM members at a manager level or above. The final sample of the survey was composed of 823 HR professionals who are employed at organizations with a staff size of 500 or more employees. The survey had a response rate of 14 percent and a margin of error of +/-3 percent. Results include responses from organizations in the U.S. across a wide range of business to business and business to consumer industries. About Globoforce Globoforce is a leading provider of social recognition solutions, helping companies build strong cultures of engaged employees through the power of thanks. Named one of the Best Workplaces by the Great Place To Work® Institute, Globoforce is trusted by some of the most admired companies in the world to inspire and energize employees and create best places to work. Our award-winning SaaS technology and proven methodologies empower HR and business leaders to take a modern, more strategic approach to recognition programs. What results is measurable business success, qualified by increases in employee engagement, retention, and productivity. The company is the creator of the HR conference WorkHumanOpens in a new tab, designed to help organizations unlock the power of the human workplace. Globoforce is co-headquartered in Southborough, Massachusetts, and Dublin, Ireland. To learn more:
About the Society for Human Resource Management Founded in 1948, the Society for Human Resource Management (SHRM) is the world’s largest HR membership organization devoted to human resource management. Representing more than 275,000 members in over 160 countries, the Society is the leading provider of resources to serve the needs of HR professionals and advance the professional practice of human resource management. SHRM has more than 575 affiliated chapters within the United States and subsidiary offices in China, India and United Arab Emirates. Visit SHRM Online at www.shrm.orgOpens in a new tab and follow us on Twitter @SHRMPress.
Contacts: | Shweta Agarwal (508) 229-1541 Shweta.Agarwal@globoforce.com |
Rachel Vaccari (617) 275 6521 rvaccari@greenough.biz |
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