New research by Bersin & Associates shows that recognition programs dramatically improve employee engagement and reduce turnover, yet 87% of organizations still rely on outdated tenure-based service level awards. Companies with recognition programs that are highly effective at improving employee engagement have 31% lower voluntary turnover than their peers with ineffective recognition programs. The findings, which appear in a new research report, The State of Employee Recognition in 2012, indicate that recognition plays a much more measurable role in business performance than previously believed. “This new research highlights a huge opportunity for companies to redirect existing expenditures to programs that significantly influence engagement and retention,” says Josh Bersin, President and CEO of Bersin & Associates. “The findings also suggest that recognition programs should align with an organization’s comprehensive performance management strategy to drive business results.” To download a copy of the WhatWorks Market Brief on the importance of recognition in performance management, click here.