Recognition is one of the most basic strategies for strengthening the employer and employee relationship and has a number of positive impacts on your business. Over 90% of employees report they’d be better at their jobs with better feedback.
According to Aptitude Research Partners
, employee recognition programs can have a big impact on a business’s employee engagement level, retention rates and ultimately your bottom line.
The independent advisory firm explains that when employees feel appreciated by their employer, they are motivated to contribute to business goals and promote their employer’s brand beyond daily responsibilities.
What are the benefits?
Aptitude Research Partner reports employees are 2 times more likely to improve their performance following positive recognition. They also report 94% of employees said they would be better at their jobs with better feedback.
Say you operate in the manufacturing industry. The more products your employee creates, the more demand in the market will increase. Meaning, you increase the possibility of selling more to you customers.
Higher employee satisfaction
Whether you’re recognising employees with verbal feedback or awards and prizes, appreciation can lead to content and happiness at work.
Happy employees impact a number of areas in your business. Absenteeism is reduced, employees are more engaged, and they’re equipped with the confidence to make the right decisions.
Better retention rates
Nearly 60% of companies identified retaining top talent as the greatest challenge they face in 2018, according to Aptitude Research Partners.
By recognising employees for great work, they feel valued. If top performing staff feel they are being overlooked, they are more likely to leave.
There are many ways you can implement employee recognition programs in your business. It can be as easy as positive reinforcement and saying ‘job well done’ or implementing monthly bonuses for reaching certain targets.
Think about how it could impact your business today.