At MI, We Give Our Employees the World

…Or maybe just the Globe.

Article after article after article has been written in an attempt to decipher the ever-elusive new normal of work. To remote work or not to remote work? Is quiet-quitting unethical? Is the 9-to-5 workday a thing of the past? These topics have dominated the conversation in the mainstream for the better part of the year. Yet, it often feels like we’re stuck in a perpetual loop of debate with no end in sight.

Unless we cut through the noise. Getting down to it, all these discussions share a common thread: How can organizations effectively attract and retain top talent?

Employee Retention

Replacing a departing employee costs 33% of their annual salary. Moreover, there is also a confirmed connection between engaged employees and increased productivity. Historically, however, employees have found themselves at a disadvantage in the job market.

The Great Resignation changed all of that. Besides generating a flurry of headlines, this mass exodus from the workplace, as employees pursued opportunities elsewhere, has had a transformative impact on the world of work. Executives have started recognizing the evolving demands of the workforce.

Nurturing a positive workplace culture is crucial. Employee recognition is just one component of that. In an effort to inspire similar strategies within your organization, this inSite examines how MI practices employee recognition, which leads to employee retention, is practiced at MI.

The Globe

At MI, employee recognition isn’t just a buzzword–it’s a way of life. When new team members join our ranks, they are given a welcome package that includes a globe stress ball. This little stress reliever is our unofficial mascot. As an International Business Incubator, it keeps the whys of what we do at the forefront. It also reminds us we’re not just cogs in a machine but a team working towards a common goal.

Our weekly company-wide meetings reinforce this commitment. As a key moment, we pass the globe to spotlight a team member who has positively impacted the office that week. Whichever team member was celebrated with the globe the week before now passes it to a new team member who meaningfully helped them or the organization as a whole. Whether it was doing something amazing for a client or a small task that may have gone unseen or unnoticed by most of the team, they deserve recognition.

What’s remarkable is this culture of support and recognition has become contagious. MI team members have embraced the practice, giving shoutouts on Slack and passing the globe during project meetings and spontaneous moments throughout the workweek. While it may appear to be a minor detail, a study conducted by Workhuman and LinkedIn found a 96% retention rate for employees whose contributions received recognized 4+ times a year.

Final Notes

Working towards a positive office culture is not just peddling to the workforce. Companies that proactively foster a highly engaged workforce through strategic employee recognition could potentially see a 23% higher profitability compared to those that don’t, according to Forbes.

At MI, we view our work as a collective effort rather than an individual endeavor, where each member plays a vital role in the organization. We’re all about recognizing the value our employees bring to the table and our worldwide clients, one globe at a time.