Employee Recognition and Why Your Business Should Care
The average person will spend a third of their life at their job, so showing employees praise and recognition for a job well done will make them work harder for you, enhancing the company as a whole. It is important to show appreciation on a regular basis to improve morale and boost productivity.
This article will go over the key reasons why rewards and recognition are great for the entire company, as well as some tips on how to show your employees that you appreciate their hard work.
What is Employee Recognition?
Employee recognition, also called social recognition, is when you openly acknowledge your employees for their hard work. This authentic public appreciation lets workers recognise each other’s efforts in their field and shows workers their full potential.
Employee recognition is one of the most important ways to keep workers engaged, productive, and at your place of business. When you treat your employees with respect and show them appreciation for their work with encouragement, they will, in turn treat other employees and their clients with respect and boost productivity and profitability.
Why Your Business Should Give Recognition to Its Employees
Praising your employees’ hard work and rewarding them is important for both business and employees for the following reasons.
Helps Create A Healthy Company Culture
Your employees’ experience and how they interact within the company make up a big part of your company culture. This helps shape your brand identity as well, and when you are valued by your employees, your customers will take notice as well.
Nowadays, a paycheck isn’t enough, as being treated with respect and positivity is a basic mission statement that any company should adhere to. When you have employee recognition programs in place, your workers will feel valued by both peers and management and thus, everyone will be more willing to keep working at that level to keep up the morale and culture they are accustomed to.
Helps Employees Feel A Sense of Belonging in the Company
Excellence cannot be built on a foundation of apathy and drudgery by employees. When workers show a lack of engagement and productivity, you start to lose good work and good employees.
When employee recognition schemes are in place, such as manager-to-peer or peer-to-peer, employees will feel that they belong and feel a part of a team. When you get employees engaged, they will begin to really care about their work and that in turn will make your company more profitable.
Studies show that when your employees are engaged, your business is more likely to be profitable, and profitability has been known to increase by around 22% with these recognition programs and benefits in place.
Rewards Motivate and Incentivise Teamwork
Rewards motivate. When you give your employees recognition, reward and motivation, you will see an uptick on all levels of productivity and profitability.
And while recognition programs work to motivate individuals, you can also use them to bring teams together and work better collectively.
Qualified and Eager Applicants
Word of good business ethics spreads fast, and when you have a company culture that is enviable, you will see more and more applicants wanting to work at your place of business. Treating your employees well with bonuses, incentives, praise and recognition programs helps to deliver happy employees who tell their loved ones and friends about how well they are treated, and it informs the business world of a company culture that is one to admire.
Saves Your Company Money and Keeps Employees from Leaving
When you have a healthy company culture that utilises recognition schemes, you will see more and more employee retention and a place of work where you don’t have to constantly be training new employees because you are retaining quality workers. For example, businesses implementing employee recognition schemes have seen a 31% reduction in voluntary turnover.
Types of Employee Recognition
There are many ways you can motivate your employees, such as:
- Bonuses: Monetary recognition will always be a huge way to show employees they are valued. Small bonuses and rewards can really show appreciation and value in an employee’s work.
- Written praise: Messages and thank yous go a long way to show tangible recognition to your employees’ hard work. Written praise will encourage your employees that value direct reassurance.
- Verbal praise: In-person praise for a good job is an impactful declaration of someone’s hard work. Verbal affirmations help motivate those who seek approval and validation for their hard work.
- Formal recognition: An employee of the month, an employee of the year and work anniversaries are formal forms of recognition.
- Informal recognition: Small and informal displays of appreciation that convey to your employees that their work impacts the company will help create a constant sense of gratitude between the employee and the employer.
- Peer-to-peer recognition: This is when employees on the same level or in the same department offer praise to each other. This maintains good relationships and company culture.
- Leader-to-team member recognition: When a leader recognises and praises the work of a team member, they help to establish a positive work environment and relationship within their team.
Company Culture Need a Boost? We Can Help!
At BBU Recruit, we know how meaningful it is to engage with your employees to build a better, more engaged workforce. We understand how to create a high-productivity workplace that creates a healthy environment for both owners and workers. We are here to solve your recruitment problems with highly trained staff, from temporary to contract to permanent staff. Our team of experienced recruitment experts have been connecting staff with employers and creating ideal workspaces for 30 years.
Contact us today to see how we can get your company top-tier, quality help today!