Building the Perfect Employee Recognition Journey
One of the most common reasons your employees look for a new job is a lack of appreciation at work. Despite this, many firms neglect to recognize employees outside of yearly performance evaluations and years of service awards, leaving staff feeling underappreciated on a daily basis.
However, there is a significant benefit to this morale crisis: valued employees work harder and stay longer. Companies that stand out by implementing successful employee appreciation programs are more likely to retain top staff – as well as consumers.
What can your company do to keep top performers engaged and ensure that everyone feels valued for their efforts? Building a culture of recognition is the first step. Let’s look at the advantages of focusing employee recognition in your company.
Employee appreciation is when a company’s employees are recognized for their outstanding work. Employee recognition in the workplace essentially serves to encourage specific behaviors, practices, or actions that lead to improved performance and favorable economic outcomes.
Effective rewards and recognition programs foster a culture in which executives and colleagues consistently recognize and promote one another’s achievements. This, in turn, drives your staff to work more and stay with a company that recognizes and rewards their achievements. It’s a win-win situation for everyone in your firm.
Employee Recognition Matters!
Employee recognition is a sign of a healthy business. Let’s look at some of the advantages of frequent employee recognition for your team and your company.
- Employee productivity is boosted by recognition. Ninety percent of employees feel that receiving praise encourages them to perform more. Employees who are recognized in meaningful ways on a regular basis experience a positive impact on their bottom line, including higher stock prices and NPS scores.
- Employee engagement is primarily driven by recognition. It communicates to employees that they are important and that their effort is seen and recognized, resulting in increased employee retention, increased productivity, and other beneficial outcomes across the organization.
- Employees’ and managers’ relationships and communication strengthen when they are recognized frequently. Requiring managers and other leaders to provide regular feedback and appreciation for good work aids the success of your entire team and reminds managers of the importance of recognition.
- Employee appreciation is contagious, and it is frequently returned. Employees are encouraged to publicly acknowledge each other’s efforts on a company-wide news feed through recognition programs. As a result, relationships within teams and throughout the organization are strengthened.
Start Practicing Employee Recognition
- Recognize your employees early and often: Don’t put off recognizing employees until after an accomplishment has passed, or save gratitude for a one-on-one meeting. Recognition should be offered on a regular basis and as soon as possible.
- Understand your employees: While financial incentives are important, employees’ career goals and social needs are often more important.
Workplace culture, management performance, and customer loyalty all benefit from employee recognition. Employees will be motivated to repeat behaviors that are exemplified by corporate values if they are recognized. Each employee’s daily work experience can include social recognition. To do so, CEOs should emphasize the value of employee recognition and lead by example.
- Measure the success of your employee recognition programs: The greatest strategy to show your recognition program’s continued financial worth to leadership is to look for links between it and your bottom line.
Realize the Benefits of Employee Recognition
Now that you understand the value of employee recognition, you must begin developing a recognition culture inside your company. Employee appreciation is a basic human requirement. Employees will feel more connected to their work, their team, and your company as a whole if they are valued and rewarded for their particular efforts.
ABOUT THE AUTHOR: ADVANTAGE CLUB
Advantage Club is a global provider of employee benefits. The platform serves to digitizing all employee demands under one canopy through numerous employee engagement programs such as incentives, rewards & recognition, flexible and tax saving modules. It now serves over 300 organizations in 70 countries and has over 10,000 brand partnerships.