You’d have a hard time finding anyone who doesn’t like being recognized for his/her work. Some people might not like public recognition, but any form of recognition is critical to employee retention. That’s because motivation comes from both internal and external factors. People are motivated by their own desire for success and appreciation can fuel that motivation even more.
Importance of Employee Recognition
Humans have a fundamental need to be valued and appreciated. High turnover of employees occurs when they don’t feel acknowledged for their contribution. Companies with low employee retention pay for it in terms of money and time, as well as suffering from loss of productivity and poor performance.
When You Should Recognize Employees
It can be difficult to know when to recognize and praise employees. Should you do it all the time or now and again? Should you praise only individuals or the entire team?
Employee recognition should be reserved for a person or team that has gone above and beyond normal expectations. Needless to say, it’s important to clearly communicate what “normal” expectations entail. Someone who constantly pitches good ideas, meets deadlines early, works harmoniously with others, or exceeds any kind of benchmark (sales or otherwise) deserves recognition.
Employee Recognition Ideas
You might think an obvious increase in salary would do the trick, but you’d be surprised; people like receiving sincere thanks more than something tangible. Plus, a salary increase is not a feasible idea since it only happens once or twice a year, while employee recognition is something that should be constant.
Sincere compliments, when done properly, are worth their weight in gold. When you reward your employees, be sure to follow these simple rules:
- One increasingly popular form of employee recognition is awards. Receiving a reward has a visceral emotion. This goes back to the positive emotions of receiving a reward in school. Receiving a reward makes us feel significant (which is one of our 6 psychological needs). Additionally, a reward can be placed on the employee’s desk which acts as a constant reminder of what they can expect when they work hard and produce results. Custom awards can be created in glass, crystal or acrylic
- Thank the person by his/her name. People respond to their own names positively and fondly. It also reminds them they’re not just some cogs in the wheel.
- Be specific with what you’re recognizing them for. Generic “thanks” or a pat on the back is just patronizing. Tie the recognition to specific actions. This helps employees determine what they’re doing well and what they can improve on. Tying the recognition to a business goal also reinforces the company’s vision and makes it more meaningful to them. Feeling “connected” to the company’s mission is one of the best employee retention strategies.
- Everyone is different; some people don’t like to be recognized publicly, while others do. It’s more meaningful to find out what employees value and customize acknowledgment for each of them. Only then trophies and gift cards become appropriate.
- Celebrate anniversary milestones. In the market where job-hopping is the norm after 1.5 years, someone growing with the company for a few years is significant.
- Make it official. For truly extraordinary accomplishments, official acknowledgement should be placed in an employee’s file.
Financial incentives are great, for sure. But there’s a danger in assigning dollar values to every achievement. People crave something deeper, like positive feedback and recognition for extra effort. Fortunately for companies, recognition doesn’t cost them anything, except time.
If you’d like to learn more about corporate recognition, visit https://www.fineawards.com/