Workplaces are often busy, and it can be all too easy to let certain things slide. But something you should always prioritize is employee recognition. From public praise to individual and team rewards, a strong employee recognition program is key to the success of any business. Here are three reasons why.
Keeping Your Employees Happy
Today’s employees are looking for more than a paycheck. Work takes up a lot of hours, and they want to spend that time in a place where they feel valued. Implementing an employee recognition program can boost morale and increase engagement by letting your workers know they matter.
Building Mutual Appreciation
On long, frustrating days, it’s normal for workers to gripe to each other. But you don’t want them griping about you. In combination with other corporate culture measures, such as work-life balance efforts and transparency, employee recognition can help workers realize that you’re all on the same side. When they feel like you have their backs, they will have yours, even when the inevitable challenges and frustrations arise.
Retaining Top Performers
It’s expensive and time-consuming to hire new workers. Employee turnover can be one of the biggest budget busters of all. And people who leave because they’re dissatisfied tend to talk about their experiences, which can make it harder to replace them. But employee engagement is one of the best ways to reduce turnover. Since employee recognition increases engagement, it only makes sense to implement this low-cost, budget-saving measure.
Employee recognition isn’t enough on its own. To build loyalty and maximize productivity, you will also need to address all areas of your company culture, from flexibility to communication to teambuilding. But employee recognition is a valuable and relatively inexpensive first step. Whether you currently have a formal program or not, start building engagement by involving your team members in designing and implementing an employee recognition system that truly works for them.
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