Employee recognition: Are you in the know?

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Employee recognition: Are you in the know?

Recognising the importance of our employees is key, we all know that a happy, motivated workforce is a productive one. This blog will provide a helpful overview of the importance of employee recognition and how you can integrate this into your organisation if you haven’t already done so.

Employees need to feel valued and appreciated, that’s why employee recognition and engagement at all levels is so important. Organisations should never underestimate the power of recognising the hard work of their team.

So, if you think your recognition process isn’t quite up to the job, it’s never too late to review, change or implement HR best practice within your organisation.

Studies show time and again that the only reason employees leave their role is through a lack of recognition –  this comes from poor management. A lot of the time, employees are happy with their job but not with their manager. According to our source Bucket List, 66 per cent would leave if they didn’t feel appreciated and that number actually jumps to 76 per cent among Millennials.

As humanity naturally strives for belonging and worth, employee recognition has therefore grown in popularity, with more organisations sitting up and taking note, they understand it’s importance and the power that it must drive a business forward.

Recognition needs to come from the heart and communication within an organisation is key. Used together they can contribute to a positive company culture, where people feel valued and appreciated. A solid culture, breeds trust, recognition and happiness amongst a workforce. When an organisation gets the foundations right it can go on to achieve great things.

Which leads us on nicely to recognition programmes. Those organisations that boost an extensive recognition programme are usually the ones that are most profitable too.  Studies show that these programmes help to boost employee motivation between 15-20 per cent. A recognition programme can include multiple benefits to employees, such as team/outings or activities, employee recognition board, internal award programmes, longer lunch breaks, and company branded gifts are just a handful of ideas that HR consultants refer to.

These incentives help motivate employees to want to work hard, and it’s a great way for management to recognise a job well done.

However, employee recognition programmes only work well when they are used for the purpose in which they were intended – to recognise and reward achieving performance goals. An Authentic appreciation that is communicated personally in ways that are meaningful to the recipient is what makes team members feel truly valued.

Trust plays a vital role in an organisations culture when team members are thanked for their work it fosters trust.  Forbes acknowledged that 90 per cent of employees who received recognition or thanks from their boss in the past month indicated higher levels of trust in that boss. Compare that to those that didn’t only 48 percent indicated they trusted their leaders.

Employee recognition and ongoing engagement with your employees is essential, it should be part of a long-term business goal or strategy. It’s proven that team members react positively when management shows appreciation for their good work or effort. This can lead to increased productivity levels and can also motivate them to set a new standard of working.

There are however a number of employers who don’t see the importance and think that meeting business goals and reaching profits should come first over employee engagement and satisfaction. What they fail to realise is this type of approach is floored, often forgetting the people who are involved in delivering the work. That’s when a business will cease to succeed. Leaving management wondering how it all went terribly wrong.

We know that employee recognition, whether from senior management or from peer to peer helps to reduce an organisations staff turnover. Recruiting the right person takes time and resources and cost organisations well into £1,000s. A study by Quarsh said that most companies underestimate the cost of recruitment by as much as 90-95 per cent. 

By recognising the hard work undertaken by a team member an organisation can generate higher profits – a happy employee delivers excellent customer service which leads to increased customer satisfaction, that in turn can lead to increased sales – it’s not rocket science.

In summary employee recognition knows no calendar – it should be a long-term process that organisations build into their culture. It’s not just about rewarding your employees with work perks and occasionally offering a ‘well-done’ it’s much more than that, it needs to come from the heart, be meaningful.

Trust plays a key part as does the leadership of the management team, if an employee feels trusted and valued they’ll most likely to continue to work for an organisation for several years, giving back ten-fold what it would have cost to hire them in the first place. 

If you like what you’ve read, you can follow us on Twitter @Atlas_BFW

Sources

https://bucketlistrewards.com/employee-recognition/best-places-to-work-on-earth-tips-to-reward-and-recognize-your-employees-like-google/

https://www.quarsh.com/blog/the-true-cost-of-recruitment/

https://www.forbes.com/sites/williamcraig/2017/07/17/3-reasons-why-employee-recognition-will-always-matter/#2d50a33763c9