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Recognition programs have numerous benefits for an organization, like fostering a positive working environment, boosting morale and improving overall productivity. According to our , 18% of people seek employment elsewhere due to a lack of Recognition, Appreciation and Respect.

The U.S. economy added 187,000 jobs in July, below expectations but a slight gain from the downwardly revised June number of +185,000. The labor market continues to cool but remains strong, with more job opportunities than candidates looking for work. With a strong labor market, stable unemployment, and wage gains outpacing inflation, many economists now think the U.S. may see a soft landing and avoid the recession that has been looming for more than a year. The market remains resilient against challenges, including 11 Federal Reserve interest rate hikes to reduce inflation.

In the post-pandemic work environment, early attrition has become a problem that many organizations struggle to address. Record low unemployment, changes in work attitudes and expectations, and the high cost of replacing people who quit have made retention strategy a high priority for HR leaders.

We are back with the latest jobs data! Employment growth eased in June and came in below expectations. While historically, +209K new jobs added is a strong gain, it’s the slowest month for job creation since December 2020. Overall, the job market remains strong, but it is cooling and getting back to balanced.