No business can survive without the services of its employees. They are rather regarded to be the pillars of success. To keep them motivated, you need to recognize the efforts made and reward accordingly. A well-trained and well-motivated staff is sure to offer satisfactory customer service. This, in turn, can help increase overall productivity, sales and revenue and goodwill.
10 benefits of conducting Employee Recognition Programs
1. Higher staff retention rate:
Any company is likely to lose a good amount of money due to hostile working conditions. If employees put away their paperwork frequently, then company bottom-line is likely to be hurt. It will be essential for managers to know what the team is contributing and reward them accordingly. This way, their morale remains can be boosted.
2. Additional health improvement tool:
There are many companies where employees are compelled to work long hours. This is detrimental to their work, thus making them demotivated and depressed. It will only lead to reduction in productivity. Such workplace trends should be reversed immediately. Employee rewards and recognition will help boost their well-being on both mental and physical level.
Employees who feel valued by their peers are likely to shine in their work. Getting recognized for their work does motivate them to do much better. Organizations using recognition tends to enjoy increased employee performance and productivity by about 14%. They also feel repeating such feats on getting praised.
It is considered to be a crucial component concerning employee experience. The quickest way to develop one is to recognize hard-working employees and reward them. As recognition numbers gets two-folds, employee engagement tends to rise by about 5 points. Company Loyalty and employee engagement is likely to enhance company ratings for their recognition culture.
5. Leading by example to motivate others:
If it is customer service or any other department, you as a manager or owner should lead by example. This way, others will be interested to follow you. Moreover, if any employee gets recognized for his/her work, then others around is likely to feel motivated to work harder.
6. Improved workplace culture:
The kind of culture that the company maintains heavily influences its success. It is possible to summarize an organization’s culture as it ideals, goals as well as on everything connected. Incorporating employee reward programs as part of the workplace trends does have a positive impact upon the company’s culture. Mutual respect is noticed among all employees.
7. Hiring made easy:
Every company needs to hire effective, competent and skilled employees to ensure success. Remuneration package is to include employee rewards and recognition to attract talented candidates. The applicants may ask your employees that they personally know to provide company feedback and working environment.
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8. Help company gain reputation and credibility:
Many will be interested to know the company’s overall performance once an employee leaves. It is necessary to retain good candidates. It is achievable by introducing Company Loyalty
9. Belongingness and motivation:
Employees getting rewarded for their hardships and efforts are likely to feel better about themselves. They will only strive to work harder to enhance their productivity. Providing valuable resources to your employees helps them to feel and stay motivated always.
10. Improves interdepartmental interactions:
Effective communication is of vital importance between departments to ensure greater productivity. Departmental or group rewards when given can motivate employees to relate to one another in a better manner. In this case, the best available options are offering tours/travels and holiday packages.
Achieving set goals
The truth is it is possible to recognize employees in diverse ways. You need to develop unique Employee Recognition Programs to show your appreciation towards their work and efforts.