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In the fast-paced business environment, where talent retention is a top priority, the importance of recognizing employee loyalty and longevity cannot be overstated. So, apart from enhancing performance and yielding a high return on investment, employee awards also offer tax benefits. Service awards have their own $500 limit.
Performance management strategies are crucial for driving results. Gallup and SHRM found that under 20% of employees find their performance reviews inspiring, and 95% of managers are dissatisfied with their organizations’ review systems. It’s clear that performance management is effective.
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This challenge is more common than you might think, and it highlights the importance of understanding the benefits of employee retention in today's business environment. Companies with high retention rates enjoy a plethora of advantages, from substantial cost savings to enhanced productivity and a stronger company culture.
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