Winning Rewards & Recognition: How to Retain and Reinvigorate Your Multigenerational Workforce

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In response to the recession, more than 60 percent of all U.S. companies took cost-cutting actions that involved some sort of reduction in force, oftentimes increasing the workloads of existing employees, freezing salary increases, and reducing bonuses. As a result, 6 in 10 employers believe their cost-cutting measures increased workplace stress, and the added workload and diminished rewards made it more likely for employees jump ship for a job that would offer them a better work/life balance if the opportunity presented itself.

So how can you keep your best employees on board in today's uncertain job market? And what approach should you take when trying to meet the needs of employees from multiple generations?

One answer many organizations are turning to is a reward or recognition program. Taking a practical approach to recognizing exceptional employees -- even in the simplest of ways -- can drastically increase productivity, reduce turnover, and make for happier employees.

Whether you opt for individual rewards or some form of team recognition, highlighting the work of your top performers in a way that appeals to people from multiple generations can be beneficial to your employees' attitudes toward their jobs as well as to your organization's future.