Retaining Employees with Recognition
In Brief: Companies are turning to recognition software rather than monetary rewards to retain employees. According to this article, employee retention involves fair compensation, growth opportunities, investment in development, and recognition.
Our View: R&D employees place relatively less importance on compensation than do other employees of the company. Recognizing this, progressive companies focus on non-monetary aspects of the employment value proposition such as manager quality, work challenge, recognition, and reputation as an innovator when trying to retain R&D staff. They also design reward and recognition schemes that promote a culture of innovation.
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