Here’s Why an Employee Recognition Programme Is Crucial
Every human being fundamentally needs to feel appreciated sometimes – and your employees are no exception. Employee recognition shows your employees that you notice and appreciate their hard work. It plays a crucial role in keeping your employees engaged and committed and fosters a strong company culture.
Even when you’re offering competitive pay and desirable benefits, there’s just no substitute for employee recognition programs when it comes to keeping employees excited about their work and committed to the company for the long haul. Employees will be less likely to job-hop when they feel appreciated – most people don’t want the hassle of looking for a new job every couple of years and will be happy to stay with a company long-term as long as they feel valued in that organization. Here’s why you need to implement an employee recognition programme now.
It’s not hard to understand why employee recognition programs can drive engagement. How would you feel if you worked hard on a project only to get no kudos for your efforts or performance? A lack of recognition deflates your motivation and makes you resolve to cut more corners next time. It can even drive you to look for work elsewhere, somewhere where you’ll feel more appreciated.
On the other hand, if you’re praised for your hard work and receive some form of recognition – even if it’s just a simple pat on the back – you’ll feel like a valued part of the organisation. You’ll be motivated to do an even better job next time. There’s no time like the present to recognise employee efforts – a simple “thank you” can go a long way.
Peer recognition shouldn’t be the end-all, be-all of your employee recognition programmes – employees also need recognition from managers and higher-ups. However, when combined with peer recognition initiatives, employee recognition programmes are a powerful tool to build trust among your teams. Workers at organisations with strong peer and employee recognition programs report having more energy, and being more productive and engaged. They take fewer sick days, and they’re less likely to burn out. All of this contributes to a culture of trust between teammates.
If your company is like most, you’re always looking for ways to make more sales. There isn’t a company on the planet that doesn’t want to generate more leads and close more deals. The most effective way to help sales staff reach higher targets is to make sure they feel engaged and motivated on the job. Then they’ll make their best effort to reach out to more prospects, create more leads, and make more sales. Highly motivated and engaged sales teams are more profitable.
Support Employee Wellness
Thanks to the COVID-19 pandemic, employee wellness has come to the fore in a new way. Many companies are placing a new emphasis on things like stress management and employee mental health. One thing that can reduce stress and improve mental health is one thing that we all need: a sense of connection with other human beings.
Employee recognition programmes can help foster that sense of connection among your employees, so they feel less stressed out at work. A little recognition can make the bad days feel less bad, and the good days feel phenomenal. Taking the time to reward an employee’s effort with a little recognition, even if it’s just something small, can really help employees feel more emotionally connected to you as a supervisor and to their peers on the team. Recognition at work can even make employees feel happier at home.
Turnover is costly. It costs over £30,000 to replace an employee. The total financial impact of turnover is £4.13 billion a year. The average business spends £5,433 replacing an employee, including the cost of hiring temps, time spent interviewing candidates, fees for advertising the role, recruitment agency fees, and so on. Add on the cost of lost output while a new employee takes time – up to six months – to reach optimum productivity, and you can see that it’s well worth doing everything in your power to keep employees engaged. Engaged employees stick around, and employee recognition programmes are one of the most powerful ways to keep employees engaged.
Does your company have an employee engagement programme? If not, you need to get one. Employee recognition has the power to make your employees feel more valued, build their trust in one another, foster feelings of connection, and keep turnover low. That’s why they’re beneficial to everyone.
David is a dynamic, analytical, solutions-focused bilingual Financial Professional, highly regarded for devising and implementing actionable plans resulting in measurable improvements to customer acquisition and retention, revenue generation, forecasting, and new business development.