How can a company effectively implement a recognition and rewards program to acknowledge and celebrate individual achievements in a way that promotes employee retention and loyalty?

A company can effectively implement a recognition and rewards program by clearly defining the criteria for recognition, ensuring consistency in how achievements are acknowledged, and providing meaningful rewards that align with employee preferences. Regularly communicating the program and its benefits to employees can help increase participation and engagement. Additionally, incorporating peer-to-peer recognition and celebrating achievements publicly can further promote a positive company culture and foster employee retention and loyalty.