Employee recognition can be one of the best forms of retention. A little recognition can go a long way. The benefits of recognition go beyond simply inspiring good will. Letting your employees know that you value their contributions also increases productivity and innovative thinking. Below are a few other things that employee recognition can do for your company and employees.
- It aids in recruitment and gives potential employees something to be excited about.
When scoping out new people, there’s a lot of selling that takes place. Candidates sell themselves to you, but at the same time, you need to be selling your organization to them.
Custom recognition programs can be promoted as benefits of employment, and they show candidates that your employees are important to you.
- It encourages extra effort among your employees.
Your employees are called upon to go the extra mile every day. When they pack up to head home at 5:00 and an important client calls, they sit back down and help take care of their needs.
This is the stuff that makes a difference, yet too often it goes unnoticed. Instead, a recognition program would be capable of highlighting the everyday undertakings that might otherwise be overlooked and ultimately resented.
- It builds teamwork and employee cohesiveness.
When people who work together are given the power to recognize and reward employees, the bonds of teamwork are strengthened and increased productivity is often the result.
It also encourages each employee to do their best, since it's not only their supervisors who have an impact on their recognition, but also their friends and team members.
- Improved team culture.
If you were in a relationship where you were abused, run down and ignored - would you stay friends with that person? Same goes for the relationships you have at work. Great relationships are fostered by positive work environments. A culture of recognition breeds employee engagement making your workplace an office employees want to work at and make want to continue to make lasting impacts on their peers.
- Reduced turnover.
Employees who are recognized are engaged, and engaged employees equal higher retention rates. Turnover can be a significant issue when you consider the lost dollars in employee investment and lost business opportunity. Recognition is directly aligned to reduced turnover rates.