Understanding that your efforts are noticed and valued at the workplace multiplies your confidence exponentially. Acknowledging the employees’ hard work and skills can be a major morale booster and improve performance. In today’s highly competitive work environment, training and retaining top-performing employees can be the winning edge. From providing flexible schedules to offering interesting perks, optimizing the workplace to suit current business demands is imperative.
When employees believe they will be recognized, they are 2.7X more likely to be highly engaged. – Quantum Workplace
What is employee recognition?
Employee recognition is acknowledging and appreciating the contributions, efforts, or achievements of an employee or a team that uplifts the organization’s goals and values. Employee recognition can have numerous benefits, such as increasing employee engagement, retention, performance, and satisfaction. Recognition can serve as a powerful feedback mechanism. If businesses want to drive organizational success, prioritizing employee recognition is a must.
Organizations with sophisticated recognition programs are 12x more likely to have strong business outcomes. – Deloitte
Benefits of Employee Retention:
• Boosted efficiency and involvement
• Reduced staff attrition
• Enhanced employee happiness and work satisfaction
• Strengthened team spirit
• Improved customer loyalty and feedback
• Increased retention of skilled employees
• Lowered stress and absenteeism
Many companies have employee recognition programs in place. However, even in these companies, it’s very often that you hear employees complain about how their work is not appreciated, due to the lack of recognition program enforcement.
To design an effective employee recognition program, follow these steps;
• Determine the criteria for recognition. How will you measure and evaluate employee performance and contributions? What are the eligibility and frequency of recognition? How will you ensure fairness and transparency in the recognition process?
• Choose the types of recognition and rewards. Based on your research and budget, select the most suitable and meaningful forms of recognition and rewards for your employees. These can include praise, feedback, certificates, badges, trophies, gift cards, bonuses, professional development opportunities, etc.
• Communicate, educate, and inspire. Launch your program with a clear and engaging communication plan that informs and educates your employees about the program’s purpose, benefits, and guidelines. Use various channels and formats to communicate the program, such as emails, newsletters, intranet, posters, videos, etc. Inspire your employees to participate and nominate each other for recognition.
• Get commitment from senior leadership. Involve your senior leaders in the design and implementation of the program. Seek their endorsement and support for the program. Encourage them to role model recognition behaviours and celebrate employee achievements.
• Choose the right partner. If you need external help to create and manage your program, look for a reliable and experienced partner who can offer you the best solutions and services. Compare different vendors and platforms based on their features, functionality, pricing, and customer reviews.
• Evaluate and adjust the program. Monitor and measure the impact and effectiveness of your program using various metrics and feedback methods. Track the participation, satisfaction, and outcomes of the program. Analyze the data and identify the strengths and weaknesses of the program. Make adjustments and improvements as needed to ensure the program’s success and sustainability.
Here are our recommended ways to recognize and acknowledge employee hard work at your organization:
- Organize designated employee appreciation days
Praising your top-performing employees in front of their co-workers boosts morale and encourages others to perform well. Organize an ‘Employee(s) of the Month/ Quarter/ Year’ Event to recognize and reward top talent.
- Create an Employee recognition wall
A creative way to recognize employees is through the Recognition Wall. You can create a board in the office and have all the staff write congratulatory notes for outstanding colleagues. Maintain this wall continuously to honour the truly deserving talent.
- Provide Bonus
Recognition for work is one of the top drivers of candidate attraction. – Willis Towers Watson
Boosting employee morale by not just praising them but also giving monetary compensation or other gifts is highly effective. Organize giveaways like shopping vouchers, restaurant passes, or order free lunch to treat the entire team. A monetary bonus is another excellent way to show employees that their efforts are valued and recognized by the organization.
Conclusion:
Recognition should be a part of your overarching company culture; and not just a one-time affair. A winning employee recognition program can make a sure difference in employee retention and lead to a solid foundation for employee engagement, productivity, development, and future growth of the company.