If you don’t yet have an Employee Award Recognition program at your company, you are missing out on a great way to increase productivity, boost morale, foster loyalty, and increase worker pride in the workplace which translates into higher profits and greater customer satisfaction.
The following list should provide the ammunition you need to implement a workplace awards recognition program:
1) Employees respond to receiving recognition even more than financial rewards and pay increases. Since any increase in wages or salaries has hidden costs like higher taxes that can be a drag on the bottom line, a relatively inexpensive award plaque, trophy or medal provides far more bang for the buck. Giving employee awards is cheaper than increasing salaries or benefits.
2) Healthy competition between employees will increase productivity as each employee strives to be a top performer and earn the recognition for his or her efforts. As employees compete for the coveted recognition award, productivity increases translate to higher profits for the company
3) Employees that know they are appreciated are more loyal, which means lower turnover, higher employee retention, and less time and expense hiring and training new employees.
4) Employees recognized by their companies are more pleasant and happy in the workplace, which spills over into customer satisfaction
5) An employees award ceremony creates an opportunity for the company to become more unified in a positive social setting. Your employee recognition program should be designed around this event, whether annual or semi-annual.
6) Attitudes are contagious – rewarding employees goes a long way toward happy employees that are more energetic and productive and affect others in the workplace positively
7) Award recognition can change negative behaviors in the workplace. Reward employees for things like ‘outstanding employee’ and the recognition experience motivates those who do not receive an award so that the entire company can get moving in the right direction as a team.
There are many creative ways to give employee awards, and in almost all cases it is much cheaper than monetary compensation to produce a similar result. An employee recognition gift, which is very inexpensive, will increase employee retention and foster happier, more loyal employees that will increase productivity, profits and customer satisfaction.