Employees who are recognized for their efforts and achievements are far more likely to remain engaged in their positions and far less likely to leave an organization. According to a recent study, companies with official employee recognition programs have turnover rates 31 percent lower than those that don’t. But there’s more to employee recognition than handing out plaques to top performers. There are considerations to make in crafting a successful employee recognition program. First, it’s important to remember to recognize workers for specific accomplishments and attributes. Handing out an “employee of the month” award is an OK idea, but giving out an award for outstanding customer service or highest sales numbers makes a little more sense. Peer-to-peer recognition should also be considered. While handing out awards using a top-to-bottom model has its benefits, horizontal award winning is more social in nature and can help build camaraderie among staff members. Often these awards mean more to employees than a trophy given to them at an annual awards banquet by a higher-up they’ve never met.