Importance of Employee Recognition
It’s an old adage that “people are your greatest asset” and this has never been truer. Workplaces have changed dramatically in the last eighteen months. Many organizations who also have had approached hr consulting services, have struggled but those who have remained successful have one thing in common – they prioritize and recognize their people.
When employees feel valued, they’re more engaged and motivated and likely will go above and beyond for their company. Did you know that companies with a formal recognition program have 30% less turnover than organizations without a program?
Employee recognition and employee engagement are tightly linked. When someone feels appreciated and is recognized for their contributions they will be more connected to the work, to their team and to the company.
First, let’s summarize the benefits to the company:
Lower employee turnover
Greater employee satisfaction
Higher customer loyalty and satisfaction scores which has a direct impact on the bottom line
Helps attract and retain employees
According to Gallup survey the #1 reason most people leave their jobs is a lack of recognition.
What you can do?
Recognize employees in real-time. Celebrate accomplishments as they happen, don’t wait for review time. Regular, frequent recognition helps keep people motivated.
Create a recognition program that works for your organization. What milestones or metrics are important to your company? It could be a sales goal, number of followers on social media, or an employee taking on a new responsibility. The important thing is to call out the employee behaviors you are trying to encourage.
Get managers involved. Employees want more recognition from their direct manager. They want to know their contributions are being noticed. A simple thank you for doing a great job can go a long way toward making someone feel like they are making a difference.
Recognition from coworkers is also important. Your employees should have plenty of opportunity to show their appreciation for others. It could be a call out in a team meeting or mention in an employee newsletter or by sharing a customer testimonial.
If your company is hiring, you know that there is tough competition for in demand talent. A recognition program is a top driver to attract, motivate and retain new talent.
A recognition program does not need to be an expensive or time-consuming endeavor. Link it to behaviors that reinforce your organization mission, vision and values to see a positive impact on employee engagement.