Employees are typically a vital asset to the company and engaging and empowering these employees helps to improve business objectives. In addition to this, an employer must also recognize those employees that further the objectives and goals as outlined by the business or company. Investments in time and money for training and application produce quality employees; however, to maintain that quality and promote retention, a dedicated program of merit recognition is also needed.
A company with a dedicated employee recognition program is 12 times more likely to generate strong results in productivity, higher margins and better market positions than businesses that do not implement a recognition program. This increase in business objectivesis mainly due to the fact that recognized employees have a stronger motivation to succeed and therefore, a stronger motivation for the overall success of the company or business.
Companies that have aligned employee recognition with the overall business strategy have a better leadership position in the markets in which they operate. This demonstrates that the implementation of a total recognition strategy tied to job goals shows significant results in productivity improvement and overall job satisfaction of the employee. When combined with other aspects of the business environment, the overall retention rate is further improved.
The key element of the employee recognition program should be creating or utilizing recognition value. The employees must be able to have value in the recognition given. Recognition without value will have the opposite effect and generate negative blowback from the employees, potentially reducing retention rates and increasing overall business costs due to lost productivity and lost potential. Employee recognition programs must include significant and substantial rewards for increasingly difficult goal attainment. With a recognition program in place, the top goals should have substantial rewards that not only have value to the individual employee, but also promotes value awareness among other employees. Personal items such as watches, jewelry and other valuables promote awareness throughout the employee base. It also creates a visual incentive to boost employee morale and helps foster the relationship with the company or business. In effect, creating brand loyalty among the employees of the brand.
Often, companies who pursue an employee recognition program do so in house. Done incorrectly, this can create employee blowback as it appears with negative sincerity or as a self-serving promotion and not an actual recognition. For some companies and businesses, the other option is to utilize an outsourced situation for fantastic service awards ideas, such as Diamond Recognition, in order to secure transparency and foster employee goodwill.Employees make up a vital asset in any business or company. Fostering goodwill among a company’s employees increases retention and improves the overall business performance. The implementation of a proper employee recognition program generates results that resonates company wide, all the while keeping costs of maintaining an employee base low. Tying company or business strategy and goals to an ongoing, results oriented employee recognition program makes sense for the company.