Making Work a Rewarding Experience
Are you rewarding your employees and recognizing their efforts? Doing so may be the difference between them remaining happy in their role and hunting for a new job.
According to a survey conducted by Globoforce, an industry leader in social recognition, employee recognition programs and satisfaction levels for U.S. workers are generally on the rise. However, 55 percent of respondents said they would leave their current job for a company that clearly recognized employee efforts.
For businesses of any size, but especially smaller ones, losing a worker comes with a heavy burden. On top of the time and energy it takes to find a fitting candidate, it costs a company one-third of a new hire's annual salary to replace an employee.
So how can your business create a culture of recognition and improve employee retention? It all starts with defining a program that works best for you and your people. Possible rewards include, but are not limited to, gifts, schedule flexibility, and bonus checks. And don’t overlook the impact of words. Written or verbal recognition from managers and peers have proven to make a significance impact on employee happiness and performance.
It’s been said, what gets rewarded gets repeated. When rewarding or recognizing employees or peers, keep in mind that timing is everything. Appreciation of any kind is most effective and sustainable when it comes shortly after a job well done.
The point? Give credit where credit is due and you’ll see an increase in workplace happiness, worker performance, and, the reward for business owners, your bottom line.