Research performed by Quantum Workplace established that employee recognition is one of the main reasons for employee engagement. However, during the survey, they also found that only 36.8% of businesses used employee recognition to boost morale.
Therefore, it is very important for an employer to recognize that they are missing out on a big opportunity with employee recognition. So why would employee recognition matter? Below will be a short description of what an employee does and how employee recognition can benefit your business.
So What Exactly Is Employee Recognition?
It is when an employer has an open acknowledgment of an employee because of a set of achievements. Organizations have found that by expressing appreciation to motivate their employees, they can receive a specific desired behavior from them. It doesn’t matter how large or small the recognition is. That action can increase engagement and productivity if used accordingly.
For example, an employee who is recognized for their great achievements will increase their productivity substantially. They will work harder to achieve company goals and engage with clients professionally.
A business owner can also enjoy a limited amount of turnover rates. Research has shown that employees will stay longer with an employer if appreciated for their work, therefore decreasing the amount of money it takes to hire and train new employees.
Employee recognition brings a sense of culture within the business. Employees will have the ability to feel valuable and showcase behaviors that in return will make the organization successful. For example, by recognizing that an employee received a positive review from a client, it will signal to other employees that your organization values good customer service.
What Are Advantages To Having a Motivated Staff?
One of the main benefits of having a highly motivated staff is the increase of the business owners bottom line. According to a recent survey by Gallup, a whopping 70% of employees lacked engagement during the workplace which then cost the businesses over $450 billion dollars’ worth of productivity per year.
Experts believe by understanding what motivates your employees, an owner can enhance business performance. The employees will be highly engaged and become better problem solvers which, in return, will have a higher level of customer satisfaction. However, every employee is different. It is beneficial to determine what drives the worker. Is it passion related? Or are they looking for a specific reward or trophy?
How to Make Your Employees Happy and Motivated
As a business owner, it is your responsibility to figure out exactly what makes the employee happy, so that they are able to enjoy their workspace and actively engage. Here is how.
1. Understand what drives your employees
Recognize that there are four behavioral drives that influence the human species. The drive to bond with other people, to gain, to learn, and to defend the ones they love.
When talent managers understand the drive of a person’s behavior, they’re able to design policies and procedures that will appeal to their staff.
2. Less threats, more rewards
Decrease the number of threats for your employees and replace it with rewards. Communicate with them consistently and show that you are invested in their future. By doing this, you can accommodate your employee’s uniqueness and then in return increase their performance. Focus on their weaknesses and their strengths. A strength-based atmosphere will encourage employees to learn more quickly, produce better work, and stay with the company longer.
Sometimes, a business owner can hold team leaders accountable for particular segments of the business. That way they can directly listen to feedback regularly.
3. Show your appreciation
Have you ever heard of National Employee Appreciation Day? What does this day mean to you? Companies understand how important it is to create a culture around employee recognition.
By taking the time to show how an employee impacts your business, you will then in return make the employees feel good. This will create a positive feeling they can take home with them and happily come to work the next day.
Let’s consider the amount of money it cost to actually train new employees. Some estimates claim that a new hire can cost as much as $4,129 for recruitment and production cost. So why not just appreciate the employees that you currently have, build on their training, and then offer productivity rewards to keep them.
Don’t just focus on one specific day. Make employee recognition an everyday task. It should be celebrated regularly and made a priority. A thriving workspace is a thriving business.