As an employer, you want to make sure you are hiring and retaining the best of the best in your industry. Committed employees really do provide the support on which successful companies are built. It’s possible that you have put every effort into maintaining competitive salary and compensation packages for your team, but is it enough? If you are still struggling with hiring and maintaining top-tier staff, perhaps it’s time to evaluate your employee recognition schemes as well.
Employee recognition is simply defined as the timely acknowledgement of an individual or group’s efforts in the workplace. This can be either formal or informal in nature, depending on the circumstance. Praising others for their good work and efforts results in confirmation of the value of an employees work product. Without it, an individual may have a difficult time recognizing their own value within the context of your company.
Here are the top three benefits of employee recognition.
It might be hard to believe that a few simple words of praise or recognition can result in an increase in an individual’s productivity, but it’s true. The simple act of recognizing the desired behavior in a staff member can increase the repetition of that behavior in the future. You are reinforcing their efforts and responding to their need for validation and recognizing their efforts. Without that reinforcement, an employee is likely to burn out quicker, lose interest in their work, or loyalty in their employer.
Improved Employee Satisfaction
Praise and recognition encourage employees to continue doing what they are doing, working hard to meet company goals. This also increases their overall enjoyment of the work. If a staff member is otherwise attending to a dull but critical task, be sure to reinforce their efforts and recognize their value to help them maintain a positive attitude about their daily work. Absenteeism is reduced, as are stress levels. This in turn will result in more time focused on the task at hand, and improve overall employee retention. Positive feedback can cost little to nothing from a management perspective but it can result in real and measurable improvements.
The value of an individual is magnified within the context of a team. The comradery and teamwork that stems from a loyal group of individuals can result in some very powerful work efforts. Recognition helps to build and maintain that sense of loyalty, both within a group and for a company as a whole. Teamwork is enhanced and individuals feel that their work is valued by more than just themselves. This loyalty is often reflected not just in employee retention, which is appealing enough, but also through referrals (both of clients and new hires). People do business with people they trust, and word of mouth is still a very strong marketing agent. Put your company’s good recognition skills to use and your appeal to the industry as a whole will increase.