Can’t decide whether to invest in an employee recognition plan or not?
Well, we’ve got just the right reasons to convince you. Employee recognition, if done right, is the greatest investment an organization can make at this point in the contemporary business world. Here are 9 reasons to convince you, why is that so;
1. Boosts employee satisfaction
Your employees can’t perform well until they love what they’re doing. Moreover, the love for work will only occur when they’re being appreciated. Employee recognition can boost your employees’ satisfaction to a great extent.
When they know, their work matters to the company and that it holds importance in the organization’s success; they’ll stay highly satisfied.
2. Increases employee retention
For an organization, minimizing the turnover rate of its employees is very important. Firstly, it isn’t good for the productivity of the company. And secondly, it isn’t good for the reputation of that organization.
Employee recognition makes your employees love their jobs. When an employee feels needed and loved at his/her workplace, he finds it too risky to leave that job. Hence, with recognition, you can increase your company’s employee retention rate.
3. Encourages employee loyalty
Your employees, when not given credit for their efforts feel discouraged and less serious about the company goals. When they don’t find their work being appreciated, they become indifferent to their organization.
However, things are the complete opposite when you give your employees their due credit. They become loyal to their jobs and try to put in extra efforts to help the company achieve their desired business goals.
4. Hikes company’s reputation
A company’s reputation is not only dependent upon the number of customers it can successfully grab. It also depends upon the attitude of its employees. A company whose employees are well recognized and are satisfied with their jobs; tend to spread a positive word of mouth around in their community. Also, they tend to put up a happy face in front of the customers making them have a great experience as well. In this way, the reputation of a company is hiked.
5. Develop skill sets
In an environment where the efforts of an employee are recognized, learning also prevails. When the employees are praised for their efforts, they’re more likely to be encouraged for further learning and development.
In this way, a notion of skill development is also spread across the organization.
6. Boosts the bottom line of workers
In an organization, the bottom line of workers is most prone to get ignored and demotivated. With a proper employee recognition program, you can boost up that line of your employment structure.
To be honest, if paid proper attention and care, these employees are your real dark horses. Any decision your top management takes is dropped down on their shoulders and if they won’t do it right, no one can save your business. Therefore, recognition plays an important part in their end.
7. Allures top recruits
If the reputation of your organization’s culture is great, then it can help you in hiring some great recruits from the market. Your employees are your internal customers and you have to put up an image for them as well.
Moreover, having the top class resources in your teams is your ticket to early success in the market.
8. Increases overall employee morale
In a place, where supervisors acknowledge and reward the efforts of their employees, morale is usually high. When employees know that a good job done will earn them respect and other rewards, they’ll always be ready to walk the extra mile for their company.
In this way, every department of your organization works like a well-lubricated part of an engine.
9. Establishes a positive company culture
In the end, when every employee from every department is satisfied with their jobs. And are ever-ready to achieve new milestones for the company; a positive culture prevails in the organization.
Every investment that you’ll make for employee recognition, will ultimately fall down to this point. More so, for a successful company, having a positive and healthy company culture is of prime importance.
Also, check out our recent blog to learn “Why You Should Spend More Time Thinking About Employee Recognition?“.