Importance of Rewards and Recognition Programs in the Workplace

Recognition-Programs

Create a Fabulous Work Environment with Praise

Want to make your work environment more productive, happy, and satisfied. When you give employees recognition and praise, you are rallying the troops. It shows employees that others can and have succeeded in such positions, and they can, too. But what is wrong with not giving adequate praise, and what does it take to improve the satisfaction of your employees through praise? Read on to learn more.

Employees Need Praise

Did you know that many employees feel that they do not get enough praise? Over half are already wanting more recognition for the job that they do, and about the same number only get positive feedback once a month or less. Around 77% of these same people could end up leaving their current employment if they do not receive more recognition. For each of these people lost, costs of replacement goes up 150% than the current salary. Sadly, around half of managers are ill equipped at giving praise, and do not even know what keeps their employees going. Still, the majority of employee engagement is controlled by management. Only 18% of employees are truly currently engaged. Production lost due to lack of employee engagement equals almost half a billion dollars per year.

What Praise Can Give Employers

Research has found that when employees were recognized, they became around 500% more loyal to their company. It can also greatly effect productivity levels, as those that are recognized are more motivated, and will work harder. Employee satisfaction rose to around 81% in workplaces where recognition was a regular thing. Not only that, but the employees were engaged, as well. Engaged employees means around 40% higher productivity, over ¼ higher profits, over ¼ less absences, and more satisfied customers. Even sales themselves doubled in a workplace where employees were engaged.

How to Give Praise

There is a formula to give great praise. Try to implement a company-wide recognition program. This structure gives better results. In this program, let employees choose between different rewards. Popular ones include time off, experiences, and gift cards. Even with rewards in place, most people appreciate the recognition more than the rewards themselves. Part of this system should include frequent celebrations and recognition for achievements and anniversaries. Be sure that these celebrations and rewards are given in both private and public venues. Over half would rather praise and recognition be done in private, not in public alone.

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