Review Your Company Recognition Program for the Year Ahead
Acknowledging and appreciating employees is essential for a more positive, productive, and profitable organization. Over the years, there has been more and more evidence and data that links employee appreciation with customer satisfaction, and organizational growth.
The business case is there. Now, it's a matter of making it an intentional practice.
Did you know that over 65 percent of employees report they don’t feel recognized at work, according to an Achievers survey? And Bersin by Deloitte reports that, "nearly 75% of organizations have a recognition program (despite the fact that only 58% of employees think that their organizations have recognition programs).”
Given the importance of Total Rewards, now is an ideal time to refresh and revamp your employee recognition program to recognize your company's most valuable assets.
3 Areas to Focus on for Your Employee Recognition Program
1) Financial compensations and rewards, while helpful, are not enough. The value of intrinsic motivation is beyond measure and one of the most powerful tools in a manager's arsenal is public recognition for a job well done.
For example, at Hewlett-Packard, an engineer surprised his manager with a clever solution and received a banana as an award from the manager, who was otherwise at a loss for ways to reward the employee. Thus began the "Golden Banana Award", which is now awarded to employees who establish new and innovative solutions to problems.
This reward is a terrific example of how developing formal and frequent recognition programs do not necessarily have to include financial raises or bonuses to make a significant and positive impact on employee morale.
2) While public recognition is important, the message a company presents with its recognition programs is just as critical.
"Really powerful recognition has to do with the feeling and energy behind it, at no cost," says Alan G. Robinson, author of Ideas are Free.
3) Employers who engage employees in the design process of their recognition programs are more likely to achieve employee buy-in and will notice increased motivation to achieve results deserving of recognition.
Employees who are encouraged to share their ideas for rewards and recognition while setting their own measurable goals will recognize that they are a part of a dynamic and continually developing team.
Employees may accept a position based on salary and benefits; but employees will remain with a company when they feel appreciated and valued.
Employers, who do more than throw money at their employees and take the time to recognize individuals, as well as team achievements, will be the ultimate winners.
While March 2nd is a great day to revisit a company's employee recognition strategy, 2021 will be an even better year to "go above and beyond" with a company's recognition strategies thereby leveraging a more engaged, positive, and productive workforce.