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Employee Recognition: The Keys to Retention

It is a common saying that a team is only as good as its players. A similar parallel applies to employees working for a company as well. While talent and skill continue to be key factors, employee satisfaction and recognition are equally crucial to ensure the quality of work, stability and sustained success.

Why is it Important?

51 percent of workers surveyed said they didn’t expect to be in their current job a year from now, according to Achievers’ report on employee disengagement. Many workers who leave their jobs cite a lack of employee recognition as a significant concern. Dissatisfied employees result in high turnover at the workplace, which can derail projects, incur high recruiting costs, and create a culture of volatility. It is essential for the employees in a company to feel valued and appreciated from time to time in order to stay motivated to perform well on a consistent basis. Happy employees lead to more extended work periods, which leads to a stable workplace.

Rewards & Recognition

Employees feel highly desirable when recognized and appreciated by their colleagues and seniors. Rewards and recognition go beyond monetary benefits. Studies show that the majority of employees rate praise and commendation from managers as the top motivator for performance over other financial incentives. It is up to the organization whether or not to link monetary benefits to its rewards and recognition programs. Useful gifts and goodies like drinkware, bags, and shirts are a good way to keep employees motivated during busy seasons. Rewards are an essential and effective way to express the company’s gratitude toward a deserving employee. Awards for various tasks and activities convey that the company notices, recognizes, and rewards efforts put in by an employee. Rewards can also be something simple, such as acknowledging their work in a public forum or meeting or organizing a free lunch for the team that has performed really well.

Recognition Programs

The importance of recognition programs in an organization cannot be emphasized enough. As quoted in Forbes magazine, a study of 3 million employees showed that “companies that utilized an effective employee recognition program enjoyed a 109% three-year median return to shareholders vs. a 52% return for those companies that did not.”

These programs are crucial to keeping employees motivated and satisfied with their work, which will result in increased productivity, employee retention, and financial stability. These recognition programs should be discussed and agreed upon while planning the upcoming year. Sufficient resources should be allocated and entrusted to people to carry them out at the right time. The recognition programs should be relevant and aligned with the company’s goals and policies from the outset. Conducting a survey about various recognition program ideas will give an insight into what is required as perceived by the employees. Launching a well-organized program at the right time is crucial to its success. These programs not only motivate those who receive the awards but also other employees to work harder and instill the belief that their work is recognized and valued.

Organizing employee recognition programs and the awards provided need to reflect the company’s policies, class, and style. There are many pitfalls to be avoided when organizing such programs, and it is best practice to involve professionals with expertise in such events. Kinetic Promotional Product Services are the right people to do that for you! To organize the best program that suits your budget, requirements, and class, contact us today!

About the author : Denis Gagnon