While many employers believe their employees will be better motivated by a raise, research shows that this is simply not the case. According to Psychology Today, 83 percent of respondents to a 2013 study said that recognition for their contributions was more fulfilling than any rewards or gifts. In addition, the Gallup Organization conducted a massive survey of more than 4 million employees worldwide and confirmed the same thing. Employees who received regular recognition and praise were found to be more productive, more engaged with colleagues, and more likely to stay with the company; they also provided better customer service and had better safety records.
People want to be part of something that matters, and they want to know that management sees and recognizes their individual contributions. Having a fully integrated reward program can help you reap the benefits of providing true recognition to your employees.
Reward Your Employees for Their Service
The average person today switches jobs 12 times during their career. However, employee turnover can cost businesses big time. In 2012, the Center for American Progress released a study detailing the average costs to replace an employee; those costs are:
- Up to 213 percent of annual salary for highly educated executive positions. A CEO earning $100,000 a year may cost $213,000 to replace.
- 20 percent of annual salary for employees earning between $30,000 to $50,000 a year. A manager earning $40,000 a year may cost $8,000.
- 16 percent of annual salary for low-paying jobs with a high turnover rate. The cost to replace a $10/hour food service worker would be $3,328.
Our service awards acknowledge the commitment employees make when they remain with the same business. CoreCentive combines modern technology and an incredible gift selection to steer you in the right direction. We have the ability to build custom levels by milestone based on your budget to provide a lasting and memorable service recognition experience.
Show Off Their Talent With Performance Recognition Awards
Performance recognition awards motivate employees and make them more engaged in the workplace. And this is huge. According to Gallup, only 13 percent of employees report being engaged at work. More engaged employees were more profitable and productive and were less likely to quit their jobs, be injured on the job, steal from work or miss work. They also had better customer ratings.
Employees who know they are performing well and are recognized for it will continue to strive for excellence. The CoreCentive platform allows you to implement a performance recognition program that offers competitions, awards galleries and other amazing ways to showcase your employees' performance.
Build Relationships With a Points-Based System
If you have certain parameters you want to encourage, a points-based system is the solution you need. This type of system drives employee recognition and engagement. Whether you want to emphasize attendance, growth in sales or other tasks, or characteristics in the workplace, a point-based system allows you to track important metrics and reward employee accomplishments.
The CoreCentive points-based system uses a system that allows peers or managers to recognize employees. It makes employees feel acknowledged and appreciated. This type of system motivates employees to actively recognize the excellence in others, while also enhancing self-motivation.
Recognize Sellers That Rock
Many people in sales struggle to meet certain quotas, and this struggle can lower confidence. However, a properly implemented sales incentive program can recognize each and every sale so that middle performers feel just as important to the team as the larger sellers. Sales incentive programs motivate each seller to perform at his or her own personal best without needlessly comparing them to other employees. This helps drive sales across all channels.
Create a Custom Award
In some situations, the recognition may not fit squarely within one of these programs. CoreCentive can help you structure an award that recognizes the unique contributions of your employee. We can help you plan a corporate celebration, recognize a major milestone, provide a small token of appreciation or incorporate a customized award program. We can customize awards with your name and logo and help your employees feel like they are an integral part of the team.