By Charissa Struble
Do you have an employee recognition program in place in your business? If you don’t, what’s stopping you? Lack of interest or funds? How do you keep morale high and employees fired up each and every day of the year? It’s really rather easy according to a popular magazine.
An effective employee recognition program has the power to change your workplace culture. Forbes, a leader in writing finance, industry, investing, and marketing articles, conducted a study and found that modern recognition programs do, indeed, impact business performance. The magazine noted that “Companies that scored in the top 20% for building a ‘recognition-rich culture’ actually had 31% lower voluntary turnover rates.”
The statistic sheds light on a pretty remarkable breakthrough. Many CEOs pay millions of dollars to reduce voluntary turnover. They will do anything in their power to keep their brightest and most talented stars. A well-executed employee recognition program can encourage people to stay with a company for the long haul which is a win-win for you as a business owner.
Here are five ways an employee recognition program can help your business.
1. Increased Productivity
Employees will want to do the right thing. They’ll pay attention while being trained and do their best to meet and exceed quotas.
2. Better Attendance Records
Because morale is high, your workplace will feel different. Your employees will want to come to work because they feel like their efforts and achievements are being noticed and appreciated.
3. Fewer Accidents and Instances of Neglect
Employees who care are more aware of their surroundings. They’re less likely to let things slip by them. They pay attention to safety protocols as well as policies and procedures because they know that without rules and regulations, chaos ensues.
4. A Stronger, More Unified Team
Employees who receive recognition for their accomplishments will be more likely to mentor new employees. They’ll show them the way to success which is very beneficial to your business. Rather than spend extra money on additional training programs, you can count on your shining stars to lead by example.
5. A Better Customer Experience
When your employees take pride in the work they do, they share the feelings of satisfaction with their customers. This in return makes the customers feel more satisfied with their overall experience. Happy employees care about the people they are serving. They go the extra mile and it shows.
An employee recognition program has the potential to completely change your workplace culture in a truly positive way. By making your team feel like valuable part of your business, you boost their morale, increase their productivity, and ensure that your customers are being taken care of by the best and most capable people available to assist them.
There are a number of different incentives you can offer your employees for their commitment and achievements. Look into the prizes that best meet your needs and budget. Your employee recognition program will pay for itself by adding a higher level of productivity and responsibility to your team. Some employers have found additional paid time off to be a very successful reward for their employees. Offer what makes sense to you and your team.
Employee recognition programs are easy to implement. In fact, most workers are supportive of this type of perk. Each employee will feel personally responsible for the business’ success because they’ve been told that their efforts matter. Even more importantly, they can see where their efforts have made a difference. If you have trouble retaining good employees, the answer may be an employee recognition program complete with tangible rewards that keep your workers motivated and striving to achieve more.