Employee recognition isn’t just about being nice to employees. It has a ton of benefits and can be an incredibly powerful thing for your company and for your employees.
Employee recognition helps reinforce positive behaviour and action. Employees who experience regular recognition for their efforts are also more likely to be more satisfied in their role, helping to increase retention and loyalty.
One of the stand-out benefits is the creation of a positive atmosphere. If you have an effective reward and recognition system in place, the majority of employees will be happier being a part of your team.
Getting it right is crucial, so we’ve put together this handy employee recognition guide.
What is employee recognition?
Employee recognition is the acknowledgement of a person or a group’s efforts or achievements that have contributed to the company’s goals and values.
However, it takes many forms, so the definition can vary depending on how you recognise employees.
Importance of recognition
For many CEO’s and business leaders, employee recognition is at the back of their mind, behind all kinds of other important business issues. However, the research suggests that recognition and rewards are linked to increased productivity, lower staff turnover and higher levels of motivation.
The importance of recognition is clear when you consider that not recognising employees could have the reverse effect.
From a HR point of view, the last thing any company wants is high staff turnover and unmotivated, unproductive employees.
The purpose of rewards and recognition programs
The purpose of these types of programs differ depending on the business. However, typically you’ll find that they’re put in place to increase loyalty and retention.
They’re also typically used to improve performance through reinforcement of positive behaviour.
7 key employee recognition statistics
Low cost employee recognition ideas
There are loads of simple ways you can reward and recognise employees. Some can be as simple as just saying “thank you” more often or introducing employee of the month.
The best employee recognition programs go that little bit further. Putting a little bit more thought into how you reward employees can make a big difference.
Here are 10 low cost employee recognition ideas that you may not have thought of:
- Arrange a one-on-one lunch
- Write about the person in a company-wide email
- Include them in a company newsletter
- Leave a thank you note on their desk
- Give them a longer lunch break or let the person leave early one day
- Show recognition for them at the start of a staff meeting
- Give them a gift card
- Send them a thank you letter home
- Give a donation to a charity of their choice
- Show appreciation and recognise employees on social media
Your Reward & Recognition System as part of your employee benefits offering
An employee benefits platform can be a great place to reward and recognise employees. Not only can it drive engagement with the platform itself, it can make rewarding employees more convenient for everyone.
For example, you could use your benefits platform to display all awards given to employees for everyone to see. You can then notify employees through the platform that they or another employee has received an award, such as employee of the month for example. Rather than just sending it as an email, this could encourage employees to log on to their employee benefits platform more often.
The best employee recognition programs are long-term
You’ll want to avoid being that company that begins recognising and rewarding their employees more, only for their program to slowly fade out. Employee recognition should be part of the culture of the business in order for the business to reap the benefits long-term.
The last thing you’ll want is for your rewards and recognition program to be seen as a failed attempt at improving performance and retention.
As mentioned, many CEO’s have loads of priorities and things to think about before they even consider employee recognition and the importance of recognition is underestimated. However, if done and done well it can be a hugely valuable asset for any business!
Looking for a comprehensive employee benefits platform? We’ve got you covered.