In the modern world, there’s one important factor that drives you to become the best you can be and get noticed for it — recognition.
Being acknowledged for your hard work and dedication comes in several different forms: a promotion, employee-of-the-month, pay raise, etc. and each of them is just as rewarding as the last.
Installing employee recognition at work is one of the best decisions you can make for your business.
Whatever program you’re looking to incorporate, there are undoubtedly going to be benefits for both you and your workers. Here are 7 ways you’ll see a return on investment for implementing a recognition program.
1. Increased Productivity
You undoubtedly have some competitors in your workplace — after all, it’s why you hired them. Use that characteristic to your advantage.
Incorporating an employee recognition program for your workers is essentially the same as providing a finish line for a NASCAR driver: it gives them a tangible goal.
While this may be the most obvious benefit of an employee reward program (and probably the main reason you’re installing one, to begin with), the increases are noticeably high and bear repeating.
It’s a natural human instinct to seek out praise, and if you’re providing that for your workers in the form of a performance reward program, they’ll follow suit.
Something to note, a few of your workers may “wait it out” to increase their performance by waiting to see if the reward actually happens when and where it is promised.
Once you show your employees you’re dedicated to the program, they’ll all chase after it. Give them a tangible symbol, such as a custom metal promo, to keep if they win the award that week/month/year.
2. Improves Communication
No message resonates louder with your employees than employee recognition.
Even the employees that don’t end up winning the recognition award take notice of you offering praise for hard work. It stresses the results that you, as their leader, are looking for.
Often times, the hustle and bustle of your company’s everyday operations can cause employees to lose sight of their goals.
Hearing you stress the key components you’re looking for in an “outstanding employee” will help center their daily goals to achieve that vision.
3. Satisfied Employees
Are you wanting to claim the title of having the happiest employees in town? Well, if you don’t have a recognition program in place, you can kiss that goodbye.
However, if you do have an award and are known to hand them out fairly, you’ll see your employees’ job satisfaction become more noticeable than ever before.
All your employees want out of their job is to know that it’s valuable to the company’s business endeavors.
Sharing the wealth on a recognition program tells everyone that you couldn’t do it without them, and that is a very powerful thing!
4. Cost-Efficiency for Your Business
Should you incorporate a successful employee recognition program, you’ll notice that the program itself is almost (if not completely) free. That’s due in large part to the skyrocketed return it’ll generate.
This can come in many forms beyond just revenue: customer satisfaction will rise, customer loyalty, employee retention (more on that in a moment), and attention to detail with each job.
That alone can cut out some major expenses for your business, such as the cost to fix an accident that occurred because the employee wasn’t paying full attention.
They weren’t paying attention because they don’t feel essential. Meaning that accident could’ve been avoided with an in-depth reward program.
5. Employee Retention
Have you been noticing that your company is losing its top talent to other companies? Why do your employees keep jumping ship?
Could be a number of reasons, all of which can be cured by showing you care through an employee reward system.
It’s common knowledge that hiring a new employee is a major expense for your business over keeping the workers that you have.
Not only that, it starts to affect morale as the headcount is constantly shifting and zero time to build rapport. Building a reward program makes your employees happy, and even if they don’t win it, they’re happy for those that do.
The feeling of being connected cannot be overlooked. It’s what keeps your talented, trustworthy employees to stay and want to climb the ladder within your business.
No company can fully thrive and take down its competitors until the employees within its walls are working together at the highest level. For that to happen, there needs to be increased communication, constant goal setting, and most importantly: team chemistry.
That all starts with you.
You’re the one that needs to show your employees the love and attention that they deserve. These guys and gals go to battle for your company every day, you need to show them you notice that before they notice that about each other.
Once they get a sense of the big picture, and the teamwork that has to happen to achieve that big picture, the bonding will take place.
Want to take it a step further? Have your employees voice their opinions by nominating each other for the recognition award.
7. Your Company’s Value Will Increase
There’s no better way to increase your company’s value than through an employee recognition program that shows love to it’s hardest workers.
This will give your company a reputation as being the place everyone wants to work for, which is a phenomenal problem to have! It also brings value to your products, no service is better than one that’s provided by a proud employee.
You’ll see your employee engagement levels improve substantially through the time and energy they pour into your products and service.
Recognition at Work: Rewards for Your Employees and Your Business
What better way to share the wealth with your employees than installing a recognition at work program that benefits their value and your brand simultaneously?
Get your system started today and breed the results you’ve been wanting for years.
Be sure to keep up to date with Young Leaders often for tips on business, leadership, and financial growth.
Best of luck with your new program, make it as in-depth as your employees deserve and watch the rewards grow with your business!
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