The first installment of our newest blog series, “5 Effective Employee Retention Strategies,” will discuss employee recognition. This is a strategy that many company leaders would find useful if they implemented it into their businesses. Not only will it keep employees from wanting to quit, but it will also increase their productivity and their connection with the work that they are doing. Making sure employees feel valued and creating a recognition program for their hard work will greatly decrease the employee turnover rate.
What is Employee Recognition?
Employee recognition is the idea of recognizing and/or rewarding employees for their hard work and dedication in their jobs. Showing employees that they are valued for what they do will make them less likely to want to leave their current position within the company. Employee recognition is not just about saying “thank you” every once in a while, but going beyond that to monetary rewards, celebrations, or even days off. Company leaders, and even other employees, that seek to decrease company turnover should put in the necessary efforts to keep each member of their team feeling appreciated and respected.
Employee Recognition Programs
Showing recognition and appreciation towards employees can take many different forms. Implementing a recognition program into a business is a great way to reward employees for their work. These can be point-based, where employees can accumulate and redeem points for rewards that they choose, such as gift cards or a day off. Company leaders can designate a “wall of fame” that displays employee achievements for everyone to see and recognize. Purchasing new equipment like computers or keyboards that make their jobs easier is a great reward and a way to increase productivity in the workplace. These are only a few of the many employee recognition ideas out there.
Employee Recognition Statistics for 2023
It is no secret that the working world changes and adapts each year with the evolving expectations of employees and job seekers. When company leaders do not give enough recognition to their employees, it can result in those employees moving onto a new company that will give them that respect. According to a Gallup report, employees who only receive recognition a few times a year from their company leaders are 74% more likely to say they do not plan to be at the organization in one year. This statistic alone shows how important it is for companies to give employees the respect that they deserve. When this happens, employees are four times as likely to be actively engaged at work, and five times as likely to feel connected to their workplace culture. There are only benefits to utilizing employee recognition programs and rewards, so it is important for leaders to take note of these statistics and act accordingly.
Employee recognition as a retention strategy is proven to be highly effective. Companies that have or will have rewards for their employees’ hard work will see the many great results of doing so. Employee turnover is something that many organizations wish to avoid, and simply making sure employees feel valued and respected at work is not a very challenging way to ensure that. Consistent displays of appreciation from company leaders and peers will increase employee productivity and satisfaction in their work environment.
Sedna Consulting Group is glad to show appreciation to each employee that makes up our great team of recruiters. If you are interested in finding a company that will do the same for you, send us a message on LinkedIn or Instagram or visit our contact page and we will put our efforts into finding the best position for you.