Your employees are your greatest assets and the most important people in your business. They practically run your workplace and help you take your business to greater heights.
So, it is essential for you to recognize your employees’ efforts and make them feel valued. Doing so goes a long way in motivating your employees and encouraging them to keep up their excellent work. And the best way of doing this is through employee recognition programs.
What are employee recognition programs?
Employee recognition programs are special programs organized by companies to offer rewards and recognition to their most hardworking employees.
If few members of their workforce have excellent performance and show complete dedication towards their work, appreciating and rewarding them is essential. It not only helps those employees feel a sense of pride and importance, but it also encourages others to improve their work.
Modern-day companies are creating innovative and interesting employee recognition programs. Gone are the days when employee recognition meant a small thank-you note to the staff or proving traditional “employee of the month” awards.
Today, companies use methods like a social wall of fame, point system, prize nominations, social media shout-outs, and more to offer rewards and recognition to deserving employees. With this said, here are some of the reasons why building a robust employee recognition program is a must for every twenty-first-century organization.
Top reasons why building an employee recognition program is important for an organization
1. It boosts productivity
Everyone loves to be recognized and rewarded for their efforts. And employees are no different. Employee recognition programs give them a reason to improve their work and show more dedication and engagement at their workplace. Rewards motivate them and boost their drive to achieve their goals.
According to research conducted by Deloitte, employee recognition programs go a long way in boosting employee performance and productivity. Companies that recognize and appreciate their employees’ efforts have 14% higher employee productivity, performance, and engagement.
2. An employee recognition program enhances the appeal of your organization
Another major benefit of creating an employee recognition program is that it reflects your organization in a positive light.
When you offer rewards and recognition to your hardworking employees, they will naturally be happier and will show more enthusiasm towards their work. It also fosters a culture of healthy competition amongst peers which in turn creates a healthy and happy work culture. When your employees talk about the positive work culture with their friends and loved ones, it will enhance the appeal of your company.
It will naturally attract more talented individuals to apply for jobs with the organizations. In this way, you will get a pool of skilled employees who will add value to your company and work hard towards achieving the common business objectives.
3. It boosts employee retention
Employees who feel neglected or unappreciated at their workplace won’t be able to perform their best. Not only this, but a hostile work culture can encourage them to switch jobs and look for a better company. Having a high employee turnover not only ruins your company’s reputation but hiring new staff members is also incredibly expensive.
The average cost of hiring a new employee is around $4000 and it takes more than 40 days for a company to fill a vacant position.
However, all of this can be avoided by showing a simple gesture of appreciation and recognition to your employees. Creating a comprehensive employee recognition program can help measure your employees’ performance and show appreciation where it is due. When you make your employees feel valued, they are going to stick by your company for a long time.
4. Boosts employee morale and happiness
Even today, most people don’t view their workplace as a place where they can be happy. They go to work and get the job done for a paycheck. Happiness at the workplace is a concept that many still believe to be laughable. And this is what a good employee retention program can change.
With the growing importance of mental health issues, companies have started paying more attention to their employees’ health and happiness. They are striving to create an enjoyable and wholesome work environment and boost their employees’ morale by sharing their gratitude in the form of rewards.
In addition, recognizing and appreciating your employees in front of everyone also goes a long way in keeping their professional stamina intact and preventing burnout.
To sum it up, employee retention programs are no longer a choice. They have become a necessity for modern-day companies. These programs give you an effective way to measure employee performance and reward the most deserving ones.
When employees are recognized for their efforts, they feel happy to be associated with the company. They won’t hesitate from going the extra mile to finish the essential tasks. And this is exactly what companies need to boost their growth.
An employee recognition program isn’t just beneficial for your workforce. It has equal benefits for your organization too. It is a two-way street that ends in both parties being happy and getting something valuable in return. So, if you still haven’t built a comprehensive employee recognition program for your organization, now is the time to do so!
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