Recognition and rewards to boost employee performance
For your company, rallying the troops is the machine that drives the war. And to keep them invested on the long term, you have a foolproof secret weapon: recognition. When based on a rewards system that makes employees feel valued, recognition is a powerful tool for keeping your recruits invested and business booming.
Employees in line with their company
Recognition can be an elixir for employee well-being when applied with finesse. When you congratulate employees openly on their work, they develop confidence that can help them soar. Because an employee that feels valued is a recruit that always seeks to perform better, is more available for work and even takes initiatives. Employee investment increases tenfold when they feel like they are an integral part of the company. According to a 2016 study conducted by WorkHuman, 86% of employees say they feel much more fulfilled in their jobs when their superiors recognise and reward their efforts. Employees who are appreciated for their strengths are more motivated and enjoy going to work each day.
What are the benefits for your company?
When you recognise the efforts your employees make, you add a cog to the machine that can pay off in a big way for the company when properly oiled. Recognition improves the work environment, reducing stress and giving employees confidence in their value. Since they feel respected, their relationships with their superiors are strengthened and free of animosity. Recognition combined with rewards works like magic, creating more solid and consistent employee investment. The benefits for your company are considerable: productivity and client satisfaction will be up and recruitment and health expenses down. A miracle? No, simply keeping your employees motivated and happy drastically reduces the risk of turnover and burn out. Not only are you sure to have loyal employees, but you also forge a reputation as a good employer, which will make your company more competitive on the job market. This is a great way to increase your visibility and attract new talents to your company.
An effective recognition programme
In Asian philosophy, we thank nature for what she provides to us each day. What if you applied this concept at your company to keep your employees happy? According to a study conducted by Great Place To Work, 37% of employees consider recognition to be a priority, ahead of compensation (7%) and independence (12%). These figures demonstrate how important recognition is in company strategy, which must fulfil the 3 Rs: recognise the work done by employees, reward them and retain them by creating loyalty to the company. Of course, your recognition programme needs to be designed around a clear set of behaviours to reward, which must be equally explicit for employees and managers so that they can lead by example. You can reward a wide range of behaviours such as loyalty to the company or taking an initiative. A sales record, volunteering to work extra hours or helping a colleague, there are many opportunities for recognition and there is something to highlight each employee’s strengths. The most important thing is to act quickly so that the employee equates the reward with the act in question, motivating them to keep working hard.
As far as rewards and benefits go, variety is your best tool for surprising employees. You have a wide range of possibilities at your disposal, such a congratulatory card or email, one-on-one meeting or promotion. In-kind gifts, less formal in nature, are also effective. Try a good bottle of wine, a wellness class at a spa or dinner at a gourmet restaurant. And why not plan a party to distribute the gifts and honour the employees who have set themselves apart? Rewards will be even more effective if they correspond to employees’ individual needs. The best choice is a flexible benefits platform like Swibeco, which offers permanent discounts at many major brands. You can also reward your employees with tax-free points that they can accumulate and use on the platform however they wish. Your system of flexible benefits will reflect your company values as you reward and retain your talents with ease.