We all like to be appreciated for the hard work we do, and a simple ‘thank you’ can go a long way in the workplace. You will get the best work from staff who feel valued and respected, while those whose hard work is overlooked or undervalued will soon look elsewhere for another job.
But is a simple thank you enough to keep your employees happy and motivated? If staff turnover rates are a concern, perhaps it’s time to consider implementing a reward scheme in your business.
Employee recognition and incentive schemes are a great way to engage with your workforce, to offer positive reinforcement for the work they are doing. You can implement a wide range of rewards, including simple emails, awards ceremonies and director meetings with the staff member to say thank you. Bigger rewards can be up for grabs too, including bonuses and special prizes – these are fantastic incentives for employees to reach the ambitious targets you set them (or they set themselves).
These plans also help to:
- Encourage employees to care about your business. If you praise your staff for their crucial role in the growth and success of the business, they are more likely to care about its future. They will be emotionally invested in it, as well as aligning their career goals and values with it.
- Boost staff retention rates. A person may stay with a company for a certain time if their salary is competitive and there are other benefits on offer too, but they will eventually leave for greener pastures. However, a person with a strong interest, investment and attachment to the company – someone who feels like a core part of the business and who buys fully into its values – is less likely to leave. This is something that money can’t buy.
- Increase productivity and creativity. Happier employees will be more productive, because they will want to do more to help the company rather than feeling an obligation simply to put the hours in. Happier employees also have more energy, as well as creative energy, so they could very well be the driving force moving your company towards an exciting new chapter.
- Create passionate brand advocates. If you can bring the employee and the company closer together with recognition and reward schemes, you will often find that the employee becomes a positive and vocal advocate for your brand. If your employees love your company and love working there, this can be better for the brand than any PR or marketing exercise. It’s also great for recruiting new talent, as it shows the benefits of joining the team from the mouths of the people who already work there.
If you’re concerned about the potential cost of employee recognition schemes, consider all of the benefits above. There’s also the fact that happy, productive employees can boost sales and revenue figures. All of this makes these schemes a very sound investment indeed, and all companies should be doing it.
