Why Your Employees Need Reward and Recognition

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It’s a hard job to keep your employees happy. There’s no avoiding that. However, there are some easy ways to boost morale and keep employees working their best.

By allowing your employees to know that their efforts in the workplace are appreciated, they will be happier and ultimately more productive. This is what it comes down to. CIPD studies suggest that only 41% of employees receive feedback or recognition on their performance at work, even if it’s only once or twice a year. This doesn’t do any favours for companies striving to achieve their strategic objectives and improve their retention rates.

The smallest of gestures can go such a long way. It’s a shock to learn that that as many as 1 in 5 people say their manager does not provide feedback or recognition at all — especially when you consider that something as simple as a team lunch can inspire your employees and help them to feel respected and valued, which in turn will increase their productivity and develop company loyalty.

Many organisations are becoming increasingly aware of the need to ensure that their employees are happy in the workplace. Holding regular employee reviews will provide you with the opportunity to communicate positive feedback to your employees. Holding quarterly or annual team days or implementing a successful benefits system including products such as a Health Cash Plan allow you to give something back and demonstrate that your employees are appreciated. Your employees’ health and wellbeing can be continually monitored and improved in a variety of ways.

In order to be successful with your recognition programme, it is important to note that it’s more than just performance that needs to be rewarded. Take a step back and find out what simple things might make your employees smile. Sometimes just acknowledging that it’s their birthday, that they’re getting married or having a baby or that they’ve reached some other lifestyle milestone can brighten their day. Maybe they haven’t had a sick day all year or they’ve continually strived to achieve their goals, both in or out of work — whatever it is you think motivates your team — that is what you need to focus on. Remember it can be spontaneous rather than an expected monthly reward. Providing unplanned rewards can be just as beneficial as when an employee starts to expect one.

CIPD state that the main reasons people want to move jobs are pay and benefits. By adding in a reward strategy you’ll improve retention rates, increase job satisfaction and help to keep employee stress levels down. Everyone knows that a happy employee means positive things for your company. CIPD also state that more than half of the country’s workforce would recommend their employer to someone looking for a new job and this is the category you want to fit into. It also means that your employees spend more time focusing on their job and can keep your attendance rates where you want them.

This initiative needs to start from the top of the company and work down through all areas, from management and team leaders right down to new starters and temporary staff. Company objectives are what you strive for and when employees at all levels know you care about them — they’ll reward you with respect and engagement to meet those objectives.

A little appreciation can go a long way, even the simple things. Fundamentally people need this to develop, improve and to continue to produce the work they do.

In addition to creating a greater sense of solidarity between your employees and the company, it’ll also improve the relationship between managers and their teams. After all, this relationship is part of the battle towards job satisfaction.

When you consider the costs of putting a recognition strategy in place, they are actually minimal in comparison to the benefits you and your employees will gain in the long term.

Outlining the core benefits:

  • Increased productivity
  • Employee satisfaction
  • Improved performance
  • Greater loyalty
  • Better team relationships
  • Higher retention rates

Health Shield will be holding a roundtable event at the Employee Benefits Connect exhibition this month, discussing how employee wellbeing drives engagement and performance. If you are a HR professional come along and visit us on stand A12 too, our staff will be more than happy to discuss your wellbeing requirements with you.

Sources:

https://www.entrepreneur.com/article/75340

https://cuttingedgepr.com/free-articles/employee-recognition/employee-recognition-important/

CIPD Employee Outlook Spring 2017