In a business environment of high turnover and ever-shifting demands in the marketplace, employers face increased pressure to keep staff motivated and engaged. The employee recognition program is a tried-and-true method of showing appreciation to the people who do good work for your company. To get the best results, it is a good idea to have a properly structured program that fits with your company culture and contributes to your business's success.
Benefits of Employee Recognition
Satisfied employees make for better employees. It's sometimes said that staff members quit managers, not jobs, so the overall environment of a workplace is a significant contribution to individual worker retention. When people know their efforts are noticed, they are more likely to continue to work hard. They may stick around to further advance the company's overall objectives. That saves the company money in turnover and makes the business a more pleasant place to be.
Developing an Effective Awards Program
Deciding to recognize employees is only the first step. By taking the time to develop a specific awards program, your initiative is more likely to have the results you seek. If it doesn't quite work to your liking the first time around, don't worry -- you can always reassess and start again.
Know Your Objectives
Ideally, your workplace should be somewhere everyone feels welcome. But you also have certain goals you want to meet as a company, and your employee rewards program should reflect that. Decide what kind of achievements and behavior you want to reward and build your program with these in mind. It may include obvious things, like sales targets or productivity, but may also include intangibles such as teamwork and community involvement.
Assess Program Types
Your rewards program doesn't have to be one-size-fits-all. You can do a monthly teamwork award and a quarterly sales target award, for example, running both simultaneously. While a whole slate of programs might be difficult to manage, it's often more motivating when every employee feels like there is at least one award it's possible for them to win.
Determine Your Criteria
Once you know what you want to reward, decide on the elements that you want to see in a potential winner. Meeting sales targets may seem easy, but remember the overall goal is to keep employees interested, engaged and feeling valued. So, instead of just looking at the raw numbers, consider awards like best month-over-month increase or highest ROI given the client-to-value-of-sale ratio. This also has the benefit if keeping your middle tier performers engaged.
Give Appropriate Rewards
Not everyone is motivated by the same kinds of rewards, and not every type of reward is appropriate for the occasion. Make sure your gifts are balanced: not too small for the accomplishment, and not so outrageous your credibility is in question. While cash or gift cards are always fun rewards, sporting event tickets or spa days are also good ideas. You can even have each employee opt-in to a particular selection before the reward program period begins.
Reflect and Reassess
Once you've implemented a rewards program, take a bit of time to reassess its effectiveness. You'll want to match the actual results against your objectives. Looking at sales figures is easy, but also remember to ask key questions like whether staff are happier. You can even run an anonymous survey to ask people whether they have enjoyed participating in the employee recognition program.
Show Employers Their Value
Running a business is ultimately about people who are devoted to putting their time and energy into their jobs day after day. By trying out a formal recognition program, you can learn a little bit about what makes staff members tick. You can also give them the chance to find extra enjoyment in their workplace, contributing to a positive overall environment. If you need some ideas or strategic thinkers for your next employee recognition initiative, contact Core Centive for innovative next steps.