An Attention and Engagement report conducted in 2020 showed 90% of employees said recognition for their work led them to try harder. Learn how you can create a culture of employee recognition and rewards to start boosting your productivity today.
Companies want to attract top talent in today’s highly competitive work environment, but if you can’t keep it, why try?
Even the best employees may jump ship if they are not motivated enough or feel they are not recognized and rewarded for their efforts. By implementing a recognition and rewards program, you can motivate employees to achieve high-quality performance.
According to Maslow’s hierarchy of human needs, the need for the esteem of others is required to be satisfied externally. Your employees can experience this through prestige or status, recognition, and appreciation of others. The best way of earning this respect is through peer acknowledgement for effective work.
Employee recognition is a fail-safe strategy and does not have to be expensive or extravagant. It does, however, need to be genuine, timely and well-deserved.
What is the difference between employee recognition and rewards?
Employee recognition is a well-timed acknowledgement to a person or a team that praises their contribution and effort.
They have gone above and beyond what is normally expected of them. Feeling appreciated is an essential human need and provides the employee with validation their ability and efforts have been worthwhile. An employee that values themselves and has good self-esteem feels secure and positive. They are generally happier in their jobs and are motivated to maintain or improve their good work.
Employee rewards are considered a tangible form of appreciation. They include praising an employee’s achievements through monetary or non-monetary rewards.
Rewards could be more costly to organizations as they often may be bonuses. However, there are many low-cost ways of rewarding employees that also impact employee engagement.
Simple ways to recognize and reward employees:
- Saying “thank you” goes a long way, especially in a public setting like a department meeting or an email blast.
- Featuring your top employees on your company Facebook page or monthly newsletter.
- Adding an employee’s photo and testimonial on the company’s career page.
- Offering time off for an employee that puts in extra hours to finish a project or meet a crucial deadline.
- Providing a thoughtful, inexpensive gift such as movie tickets or a gift card.
- Taking your employee out for coffee or lunch.
- Providing an afternoon off for self-care.
- Organizing company events like a BBQ, prize giveaways, indoor or outdoor games and get-togethers.
- Handwriting a personal note or card.
- Encouraging peer recognition such as an “employee of the month” award.
- Celebrating employee milestones like anniversaries and consider including a personal note from the CEO.
- Bringing in employee treats such as donuts or cookies.
What are the benefits of employee recognition and rewards?
Employee recognition and rewards have been proven to motivate certain employee behaviours, ultimately improving team efforts and productivity. In a study done by Achievers.com they discovered “Both employee productivity and performance are 14% higher in organizations that actively practice recognition.”
Recognition also helps attract and retain top talent.
Lack of recognition is one of the key reasons why employees leave their jobs. They feel less inspired and motivated and, as a result, move on to find that recognition.
Great organizations constantly re-evaluate their recognition and rewards programs. Leaders must think about new ways of meeting the needs of their employees and how they can significantly add value to the employee recognition experience. Both structured programs and spontaneous recognition give organizations an edge over their competitors and contribute to a positive workplace culture.
If you have not already implemented a recognition and rewards culture, it is not too late to start.
Get in touch with our team here at Bridge Legal and HR Solutions for practical guidance on Creating an Employee Recognition and Rewards program – (647) 794-5442 or at email@example.com