Why are modern employee recognition programs important when it comes to growing a successful business?
Are there some amazing employee recognition ideas business owners need to start adding as part of their company culture?
As an employer, you should not focus only on hiring the best employees but also on retaining them as that helps to grow your business. In addition, you should recognize and appreciate their efforts. On-the-spot employee recognition programs help you to decrease attrition rates.
Experts like Power2Motivate help you create a program that is a formal process to identify and recognize the good performance of your team members. You can conduct this program in two standard formats – performance-based recognition and service recognition program.
One of the most interesting employee recognition statistics that will blow your mind is a research that was carried out about employee engagement in the Canadian workplace by Psychometrics. This revealed that 58% of the professionals believe that the best way to improve engagement is through employee recognition.
Over 65 percent of US employees are of the opinion that the primary reason why they are not engaged is that they are not recognized at work. This can best be corrected when you have unique employee engagement strategies.
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Before you start looking for a quick fix on how to find and hire amazing employees without spending months and hundreds of thousands of dollars in the recruiting process, ensure you have top-notch employee recognition program ideas.
Definition of Employee Recognition Programs
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The employee recognition program is a performance-based program that is focused on recognizing employees who deliver excellence. In contrast, a service recognition program recognizes employees on special anniversaries related to their service time.
Some common types of employee recognition programs include – employee bonuses and other financial rewards, public recognition events, work promotion or more responsibilities, big ceremonies with customized physical awards and private recognition of the employee achievements.
People love to feel appreciated and respected for their efforts, contributions, and achievements, and so do your employees. Besides treating them nicely, you should also start recognition programs yourself or get the ones designed by experts like Power2Motivate.
Do you know how employee recognition programs can help you to grow your business?
Here are four unique ways the programs can help to transform your business and help you build a long-lasting company culture:
1. Recognition and Rewards Boost Employee Engagement
According to the 2018 Society for Human Resource Management (SHRM) employee recognition study, 80% of companies have specific recognition programs.
The survey respondents reported that employee recognition positively impacts the total employee experience (89%), employee relationships (87%), and employee engagement inside the office (84%).
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2. Employees Who Are Appreciated Tend to Be More Productive
If employees are unsatisfied regarding their working structure, environment, or conditions, they tend to waste time, take long breaks and use the resources offered by you for their work.
You need a recognition program that helps you control workplace resource wastage and boost your overall business productivity by recognizing employees and supporting them.
3. Improves Your Company’s Core Ethics and Values
If your employee recognition program is tied to your primary business values, you can see exceptional improvements in crucial business tasks.
For instance, if your company’s primary value is offering outstanding customer service, your employee recognition program might offer recognition and rewards for serving customers’ optimum efforts.
How do you identify companies with the best employee recognition program as jobseekers? It’s simply by looking at their core ethics and values.
4. Employee Recognition Programs Help to Improve Morale and Equality
If you recognize your employees without clearly specifying the reasons behind the recognition, it can lead to unpleasant consequences. For example, awards like “Employer of the Month” can make other employees suspect partiality, which hurts your company’s image.
Automated platforms can help you structure your programs depending on performance levels or longevity metrics. To spot other great qualities that are not as strong such as customer service and teamwork, open your program so your employees and managers can participate in the nomination process.
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A perfect employee recognition program recognizes achievers across a company and motivates the workforce to get recognized in the future. It doesn’t matter whether all you have are temporary employees or permanent staff.
Employees are the support system of your organization. They work hard with complete dedication to offer an excellent service that impresses your clients and helps you take your business forward.
Besides paying them a salary on time, you also need to recognize their excellent performance now and then. You can take help from experts like Power2Motivate to design an effective employee recognition program. As you know, such programs promote the growth of your business; amplify employee loyalty and organize them frequently to experience steady growth.