Recognition, Appreciation, and Gratitude.
An employee recognition program is one of the most important aspects of successful retention. Many businesses often overlook employee recognition programs, which can be a very low-cost benefit that builds positive corporate culture and contributes to an overall high morale. By using positive reinforcement, desirable employee behaviors will be fostered and repeated.
Employees want to know they are valuable, and you can show them such by implementing a recognition program. There are several popular models, including: Length of Service, One-Time Achievement Awards, Bonuses and Employee of the Month.
Companies that frequently recognize and value outstanding work (not only by commending employees on their job performance, but also by giving them monetary rewards or other incentives) are typically recognized by employees and prospective employees as desirable places to work. This is beneficial for many reasons not least of which is an employer’s bottom line. Happy employees are more likely to perform at their peak capacity.
In 2014 and beyond, organizations will find themselves increasingly competing for top talent. An effective recognition program provides a valuable resource for employers who must utilize every available means to attract and retain the best employees and keep them engaged and productive. Additionally, awards and incentives keep employees motivated and help to reinforce company goals during times when workloads are greater than usual, or, for example, when budgets allow for only minimal wage increases.
Creating a collaborative work environment with strong, supportive relationships between managers and co-workers is critical to the success of every business. A positive employee reward and recognition strategy essentially reflects the philosophy that a sincere “thank you” or “well done” goes a great length in ensuring an employer’s top talent feels appreciated, motivated, and committed to the organization’s goals and success.
When developing a recognition program, we recommend providing a concise policy describing the parameters of the program, such as the terms and eligibility requirements and the types of rewards attainable in the program. Recognition programs are most successful when they align with the organization’s overall mission and values.
Employers should establish a comparable reward or bonus criteria for each department or job group. For example, the Sales Department and the Customer Service Department may have different bonus percentages and criteria in place; however, each employee in these departments should be measured against equitable standards with regard to eligibility for a bonus or recognition.