Why You Need an Employee Reward and Recognition Program That Works
In other words, a company that acknowledges and promotes excellence is more likely to receive outstanding work from its employees as well as attract and keep more exceptional people. Tom Rath and Donald O. Clifton, in a global study of 10,000 organizations found that employees who "get regular recognition and appreciation" are more engaged, productive, customer-oriented, and likely to stay with their employer. Your employees are highly compensated. Your benefits package is well-balanced. Perhaps you have a monthly or annual recognition program, such as Employee of the Month.
Nonetheless, your business is probably less competitive and, as a result, less successful than it could be.
Why?
Because meaningful employee appreciation leads to increased productivity, better staff retention, and overall success, according to a study.
What is meaningful recognition?
We've all had the experience of being praised for something that didn't feel like praise at all. Perhaps it was provided far too late, perhaps it was insincere, perhaps it had nothing to do with the work we accomplished. Bad praise is often worse than no praise at all. When it comes to developing your employee appreciation program, don't fall into that mistake.
The following are some criteria for effective praise and recognition:
Specific: The greatest method to demonstrate that you are paying attention to what your colleagues are doing is to single out a specific action or deliverable for appreciation. The phrase "you're doing a fantastic job" is so broad that it's nearly meaningless.
Timely: Now what is the finest time to acknowledge a job well done? If at all possible, acknowledgment should be delivered within 48 hours.
Nontrivial: A hardworking worker does not come to work every day and stays late in order to be noticed for his or her good looks or ping-pong skills. They want to be acknowledged for the abilities they bring to work and the value they add to the company.
Public: "Praise in public, reprimand in private", as the saying goes. Praise that specifically names an employee has a stronger impact on the receiver while also improving overall morale. It conveys the message that there is a place where excellence is valued and rewarded.
Tied to rewards: Money, movie tickets, gift cards, and other tangible items are frequently used to demonstrate effective acknowledgment. It's a terrific method to show that your words of praise have true substance behind them.
The Employee of the Month program isn't a fantastic idea because it doesn't deliver meaningful recognition, isn't specific or timely, and is frequently given out for non-performance-related reasons. Annual bonuses are welcome, but they aren't timely, specific, or public.
Manager-led recognition programs aren't required. In many circumstances, peer acknowledgment means a lot more.
Benefits of employee recognition programs -
There are various reasons why employee recognition programs are becoming so popular. There is a lot of data that shows how important it is to recognize and appreciate employees.
The following are some of the most important advantages of having an employee recognition program:
Employee recognition drives employee engagement
Employee recognition boosts productivity
It lowers turnover
It boosts customer satisfaction
Employee recognition improves employee health, well-being, and organizational culture
Why should organizations have a rewards and recognition program?
Employees can be engaged outside of the office through a successful R&R platform.
You not only encourage your employees' improved lifestyle but also help to establish a better workplace by recognizing them for personal development and wellbeing.
Employees can understand that their organization values them and their contributions to the success of their team and the firm as a whole when they receive recognition. This is especially important as organizations expand and evolve. It helps employees feel secure in their worth to the organization, which motivates them to keep doing an exceptional job.
Employees that feel overlooked and underappreciated are fairly common in every workplace. This is true even when they have exceeded expectations.
Many employees who do not feel sufficiently appreciated are more likely to leave their jobs within a year. As a result, one of the most significant wasted opportunities among managers and leaders is employee reward and recognition. It not only motivates your employees but also gives them a sense of accomplishment.
Individual involvement and commitment to the company will increase when employees feel properly valued for their work. One of the most significant benefits of implementing a recognition and rewards program in your business is the ability to retain employees.