As managers, we’re always looking for ways to motivate our teams. Whether we’re managing volunteers, interns, or seasoned professionals, our goal is always to inspire our teams to succeed.
The days of employee loyalty, however, seem to be gone. The average person will hold 10 jobs or more during the course of their career, staying at each job for about three years.
The answer to employee retention problems might be simple. Companies that provide employee recognition awards report higher staff morale and increased retention figures.
Why is recognition important? In this article, we’ll give you the inside scoop on how recognition ignites motivation.
1. Increase Productivity
The importance of employee recognition cannot be underestimated. Workers who feel that their contributions are meaningful spend more time working and achieving company goals.
If your company is struggling with productivity, you could be losing money hand over fist. An employee who works for $40 per hour and procrastinates for one hour per day will cost you $10,000 per year.
What most employers don’t understand about employee recognition is that it doesn’t have to be expensive. Financial rewards are a great incentive, but a simple “thank you” goes a long way as well.
If you’re thinking of starting a recognition program, take the time to ask your employees what would make them happy. Do they want a pay boost for good performance?
How about a regular catered lunch for teams that meet their goals? You might find that your team is more relaxed and focused after an in-office lunch.
2. Maximize Employee Retention
Another one of the key benefits of employee recognition is employee retention. In general, the costs of developing a recognition program will be much less than having to train new employees.
For every new employee you have to hire and train, you’re going to spend about half their annual salary. For a tech employee, you could be looking at more than $100,000 in hiring costs.
Having an employee recognition program will help you keep your employees’ attention and inspire them to commit to your company.
One great idea for recognition is to give out awards. We don’t mean printed certificates, either. You can order personalized awards made out of crystal, metal, or glass.
Having tangible proof of accomplishment is a great motivator. You can visit this website to find out more about custom corporate awards and plaques.
3. Develop Teamwork
In general, people want to be acknowledged. They want their hard work to be seen and recognized, and they want to know they’re making a difference to the company.
One way to start a culture of recognition and appreciation is to talk to your team members individually. Ask them about their teammates’ accomplishments and have them describe their experiences as a team member.
You might find that a few key employees are motivating their teams to succeed. They might not be managers, but they are taking leadership roles in your organization.
Another strategy to develop teamwork is to have weekend company retreats once or twice per year. You can include an awards ceremony for top producers and recognize employees who have stayed with the company for five years or more.
In addition to customized awards, you can give away pens, tote bags, t-shirts, or other personalized clothing. If your business doesn’t have “swag,” you might want to order some as a simple but effective motivational tool.
4. Reward Hard Work
While your employees may say that they’re not motivated by money, the truth is that a pay raise can go a long way to keeping them happy.
As you get started recognizing employee contributions, you might want to take a look at your employees’ pay rates and initial work contracts.
If they’re doing the hard work of improving your bottom line, can you afford to pay them more? If you’ve started offering sign-on bonuses, can you also give them to employees who’ve been with the company for a while?
If possible, try to give your employees pay that reflects the amount of business they’re bringing to the company. Merit-based bonuses could drive your teams to become even more competitive and hard-working.
As long as you have a clear definition of success, your recognition program will be successful. If you have to take corrective action, let your employees know ahead of time that it will impact their bonuses or eligibility for a raise.
Finding Reward Programs That Work
As you brainstorm ways to implement employee recognition programs, you should research other companies. You might have a colleague who never has any problems with retention, or you might have a friend who’s been at their job for 10 years or more.
In addition to pay raises, personalized awards, and peer recognition programs, make sure that you’re providing pathways to long-term success. That means providing ongoing training, flexible work schedules, and perhaps the option to work from home.
Remote work is becoming increasingly popular across the United States. Almost half of all employees have worked remotely in the last year, and remote work is becoming a necessary job perk in many industries.
Get Started with Employee Recognition Awards
Ultimately, employee recognition awards will help your company thrive.
Whether you have an “employee of the month” program or offer customized awards to high performers, having a program in place will boost your retention figures.
Employees don’t start off thinking that they’re going to change jobs frequently, but the grass is often greener at another company.
Why is that?
It could be the pay structure, lack of recognition, or lack of team spirit.
Companies all over the world struggle to find that magic formula that will keep employees happy, but it could be as simple as a timely “thank you for your hard work.”
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Just send us an email and we’ll help you get started with the paperwork for your employee recognition awards!