China
Africa
Explore chapters and articles related to this topic
Talent Management and Retention and the Hidden Costs
Published in Frances Alston, Lean Implementation, 2017
Employee recognition is an effective communication tool that rewards people for contributing above and beyond to important business outcomes. When people are recognized, behaviors and actions are being reinforced that you would like to see repeated. An effective employee recognition program should be simple and immediate. Three powerful benefits of an effective employee recognition program include the elements listed in Figure 6.3 and are described as follows: Boosts confidence: Recognizing employees for their work and achievements generates a feeling of pride and fulfillment in knowing that they are doing a good job and contributing to the success of the organization. Everyone enjoys being praised by another, especially someone who is in a position of authority such as a supervisor or a manager. The feeling of pride and excitement generated through recognition creates confidence that can directly improve and sustain performance.Enhanced communication: Communicating with workers about their exceptional contributions to the company opens up the communication channels. It makes management appear more approachable. Recognizing employees show the softer side of the management team. This is a side that may be infrequently visible to the staff because management often interacts with workers only when providing directions of instructions on getting work done.Increased retention rate: An effective employee recognition program can improve your retention rate for employees as well as help create a positive work culture. When employees work in an environment where they are not recognized and feel like they are not appreciated and valued, the risk of them walking away to work for another organization increases.
Service excellence and market value of a firm: an empirical investigation of winning service awards and stock market reaction
Published in International Journal of Production Research, 2021
Xinrui Zhan, Yinping Mu, Manpreet Hora, Vinod R. Singhal
Second, service excellence can provide higher customer retention rates. Having high retention rates becomes important in industries with high competition. Winning service awards can help retain customers and thus provide a relatively predictable source of future revenue that is less vulnerable to competition and environmental shocks (Anderson and Sullivan 1993). Additionally, firms in highly competitive industries are more likely to charge similar prices. Winning service awards provides firms with opportunities to charge higher prices and also help compete on service-related factors which can improve firm performance (Zeithaml, Berry, and Parasuraman 1996). Therefore, we hypothesise that: H5: The market reaction to winning service awards will be more positive for firms operating in more competitive industries than in less competitive industries.