Why Your Business Should Implement an Employee Recognition Program
With so many different people working together, it can often be challenging to lead a business. However, if you want to retain your talent and boost productivity, you should look beyond just monetary rewards. Research has shown that businesses that recognise the achievements of their employees tend to have more productive and engaged employees.
Here are a few reasons why businesses of all sizes are implementing reward and recognition programs Australia and around the world that go beyond monetary rewards.
Boost in Productivity
Whether you decide to reward high-performing employees with a reloadable MasterCard gift card or provide access to a rewards catalogue, it demonstrates to your employees that you appreciate their hard work. This motivates the employees to repeat their behaviour as they want more recognition. That, in turn, increases productivity.
Foster a Happier Workplace
When employees are happy, the workplace is happy. As a business owner or department head, you shouldn’t just appreciate big achievements; you should also recognise and reward small things. Employee recognition instils a sense of pride in the employees. They feel proud to work in a company that appreciates and recognises their efforts, and this helps to make the workplace happier and more contented – a workplace that employees love to come to each day and give their best.
Ensure Employee Loyalty
If your company wants to retain talented and productive employees, you should incorporate an employee rewards program. Celebrating the achievements of employees can go a long way in employee retention and loyalty. When employees know that their work is appreciated and recognised, they will not feel the need to leave the company.
Ensure Employee Engagement
Business to employee (B2E) rewards make employees happier and also help them to stay engaged. When employees know that there is an incentive program that will reward them for meeting their KPIs and goals, they will work harder as they want to get the rewards that await them. This simple yet effective method to keep employees engaged offers astounding results.
Encourage Friendly Competition
Rewards programs not only get a team to work together but it also leads to friendly rivalry and competition among the team members. Some organisations have team rewards and individual rewards for the highest performing employees. When you adopt such an approach, not only will the team be more cohesive and hard working but it will also compel individual team members to compare their performance with the rest of the team and strive to do better. When the employee comes up on top, they will have a sense of achievement not only for their team but also about themselves.
The Bottom Line
If your organisation is just looking at monetary rewards, it is time to change your tactics and implement a more meaningful employee recognition and rewards program. The dividends that the program will reap will make it a worthwhile investment.
