Anyone who's paid attention to the corporate world in the last few months knows that the world of work is changing drastically. In some cases, it's changing for the better and in others, it might be going the opposite way. And to keep your organization running solidly, whether you're a startup or an established business, you need to focus on the human element. Employees need to know that they're doing a good job and are valued by the company. Recognition is an integral part of this, and instituting an employee recognition program at your organization can be greatly beneficial to everyone on the team. Employee recognition programs are a great way to make employees feel appreciated and will boost engagement as a result. Make sure to do it in a way that makes sense for your organization. In this article, we'll tell you all about them and how to get the most out of one at your business today.
What is an Employee Recognition Program?
Employee recognition programs are an easy way for employees to recognize each other for their hard work and accomplishments throughout their company. These include awards, shoutouts, social recognition, bonus payments, extra time off, various rewards, or even something as simple as thanking employees for a job well done. Employee recognition programs are ideal for boosting morale and encouraging employees to continue working hard. They can also help improve communication between managers and employees (which is always pretty important). If you're looking for a way to show your appreciation for employees' hard work, implementing an employee recognition program can make a profoundly positive difference for your entire team.
Benefits of an Employee Recognition Program
Employee recognition is integral to an organization. But what exactly are the benefits of implementing an employee recognition program at your business? It varies from company to company, but recognition, in general, has plenty of benefits for everyone in the organization. It can come in many forms (verbal praise, awards, or special privileges for example) and is very easy to implement. For employers, recognition leads to increased productivity, reduced staff turnover rates, and improved morale. It also creates a happy atmosphere where everyone feels appreciated. Employees who feel appreciated are more likely to be productive and stay with the company longer. An effective employee recognition program can help reduce costs associated with hiring and training new employees, while simultaneously boosting company culture in the long term.
How To Get The Most Out of Your Recognition Program
When you want to get the most out of an employee recognition program, all it takes is acquiring a high-quality one and teaching everybody how to use it. If everyone knows how to use the system, what it can do, understands its benefits, and actively uses it, you'll be able to help everyone create a culture of recognition in no time. It helps if the platform has plenty of technology features and includes analytics to help managers understand how it's being used. Furthermore, getting the most out of a recognition program comes down to using it effectively. Encourage people to give shots to each other, set it up to automatically recognize milestones, and have it send out automated messages to remind people about important things. By leveraging it effectively, you create a culture of recognition at your company in no time.
Integrate Recognition With Performance Management
Another way to leverage employee recognition to your company's advantage is to integrate it with performance management.
Performance management is a circular system of assessing employee performance and goal accomplishments in real-time. It hinges on regular feedback, excessive planning, plenty of coaching, creating a corrective action plan, and supporting employees regularly. So how does that integrate with recognition? It's simple. All you need to do is use recognition and recognize accomplishments through your standard platform as part of the feedback/coaching stage of performance management. That way, you can help propel your employees forward while assisting them with achieving their goals. You can also use SMART goals (specific, measurable, achievable, relevant, and time-bound) in conjunction with your recognition program to help your employees thrive.
Incentivize Employees With Rewards
So here's the thing about employee recognition and performance management: without regular constructive feedback and some type of incentive, these alone aren't going to be effective. You need to have some kind of rewards program to help incentivize employees to perform at high levels. That's why a rewards program is a great idea as part of an overall employee recognition platform. Rewards should be something high quality and worthwhile. A few coupons here and there do not make a reward. Instead, find ways to make the job worthwhile. Use rewards and recognition to encourage employees to do a good job. Although financial rewards can be helpful (after all, who doesn't want a bonus or PTO once in a while?), they aren't the only way to incentivize employees. Non-monetary rewards—like schedule flexibility and additional time off—can make a significant difference when it comes to boosting engagement and creating a positive work environment.