In today’s highly competitive business scenario, it becomes very difficult to retain an employee. Recognition Programs are one of the excellent ways to create or sustain a positive work environment. It plays a key role in the retainment of employees and generates greater benefits.Here Are Some Noticeable Facts That Indicate the Significance of Employee Recognition Programs:
- 90% of employees resign voluntarily because they lack the feeling of appreciation from their seniors.
- 150% of the 3 months’ salary of pivotal employee is spent on finding their replacement.
- 90% of employees’ performance improves after being praised.
Apart from regular business processes employers must also focus on their employees. To retain the employees, you must create a unique value for the organization in their eyes.Below Are Some Ways to Create a Unique Value Amongst Your Employees:
- Don’t forget to thank your employees for every successful project, big or small. It works as a morale booster for the employees.
- Touch the heart of your employees through recognition programs. They should feel great to be associated with your organization. E.g. - Praise the employees who worked really hard. Ask them to speak about the project and their approach towards it in front of everyone and later present them with an award with custom engraving. This appreciation will go to their heart and give them a sense of achievement.
- Maintain transparency through clear and constant communication. E.g. - to decide the winner of an award, get a voting done or communicate through emails, so that everyone knows who is winning and why.
Before you start any recognition program, you must first set your objectives. It will help in better decision-making while choosing the right recognition program. And eventually it will become easier to achieve the desired results.These objectives could be:
- To derive certain coveted action from employees.
- To sustain the excellent performance.
- To retain not only the key members but the whole team that is performing well. (Remember a successful project is the result of the efforts of the whole team and not one person. Although the level of their contribution may vary, the role of each employee is important.)
- To position yourself as a “fun place to work” to attract best talents from the market.
- Motivated Employees
- Better Teamwork
- Sense of Responsibility among the employees
- Highly positive work environment
- Right flow of energy among the team to keep up the momentum of success
Monetary Reward Programs: When an employee or team works very hard to meet the goals, provide them with benefits such as a bonus or a salary raise. However, nowadays companies prefer to arrange an outstation trip for the whole team, for them to have an awesome leisure. It also enhances the bond among the teammates.
Profit Sharing: Sometimes few projects are highly profitable and to make it a success, employers motivate the employees by offering them a share in the profit.
Service awards: Employers shall never miss to recognize and reward the most loyal employees who dedicated more than 5 years to the organization. You can reward them with a bonus, appraisal.
Stocks: Allotting stocks to the employees help in retaining them for longer periods of time. Stocks could be restricted stocks units, additional stocks purchase programs etc. The employees receive great benefits through company stocks.
Apart from the aforementioned methods, employers can even organize a fun-filled ‘Rewards & Recognition Night’ to felicitate all those employees who’ve performed excellent in their area of work. Custom engraved awards can be presented to the employees with their name on it.