Why is corporate recognition important?
The short answer is: Employee recognition leads to more satisfied employees.
The long answer is: When your employees are more satisfied at work they tend to work harder and stay with the company longer. Some say that it costs a company on average $6,000 to recruit, hire, and train a new employee (see one such breakdown here). Therefore, employee satisfaction costs less, especially if you retain productive employees, than replacing employees. One of the factors in employee satisfaction is a feeling that one’s work is recognized and appreciated. There are many ways to recognize employees efforts at work.
When to give corporate rewards/recognition?
Businesses can recognize their employees for big or little achievements around the work-place at any time. These are some specific ways the employees can be recognized but really excellence can be recognized for anything. Of course, some wise advice might be not to over-do it. Thoughtful recognition will be appreciated more than just-for-the-sake-of-recognition recognition. An on-going program may assist with this.
What about an on-going recognition program?
An on-going recognition program can be put in place that helps business management know when to recognize their employees and help employees know what types of activities are recognized at work. For example, perhaps employees will be receive ‘service awards’ at 5 year intervals. Further, top-sales awards or awards of excellence could be handed out every 6 or 12 months. On-going recognition programs allow you to set standards against which to measure employee success. It also gives employees a chance to work towards reaching a milestone or company incentive. We can help you set-up an ongoing recognition program.
How to recognize employees?
As a business manager, you may have decided you’re going to implement some employee recognition and you’ve decided for what you are going to reward employees for (effort, service, dedication, sales etc.). Now you need to determine how you will recognize achievements. Some questions to ask:
What is your budget? – Only you know the answer to this but keep in mind a few dollars spent to make an employee feel appreciated can save you thousands of dollars down the road if you’re able to retain that employee in your business.
How many people are you going to recognize? – Everyone should have a chance to be recognized but maybe not all at the same time. It detracts from the “specialness” of being recognized if everyone is receiving praise at the same time, in the same way. This is why an on-going recognition program can help you ensure that everyone gets rewarded, each at their own special time.
Where will you present their reward? – Sending the reward through inter-office mail does not help you achieve your goal. Therefore, time should be spent in organizing your recognition presentation when others are present. Perhaps at the annual investor’s meeting, or the weekly marketing meeting. Or maybe you need to set a special 15 minute meeting just for the purpose of recognition. The point of recognition is that the employee feels that you appreciate their efforts and you should do your best to make this happen in a setting with an audience. It is also important to be genuine when making your presentation.
What tangible reward will you offer? – There are many options available for items that you can offer the stellar employee. Perhaps a framed ‘certificate of achievement’ will suffice or maybe you want to put a little more thought into their memento. This is where we can help! Our line of personalizable gifts can be key in taking your recognition program from hum-drum to amazing. Good-bye paper certificates; hello personalized pens and desk clocks!
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