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Six Benefits of Employee Recognition and Rewards

 

Appreciate your employees' efforts to show their dedication and commitment to their work, and they will reciprocate with working even harder. Saying 'Thank you' or 'Excellent job - well done' will go a long way in having a staff that feels good about what they do. "They will feel their input in the operations and success of the company is recognised which is why employee recognition is an important part of leadership training," says corporate trainers at GBS Corporate Training. The benefits of all this to the business include:

1. Productivity

Employees who fully engage themselves in their work are very productive. They have a proactive and efficient work approach that results in the right and timely results. If the input of those who work hard is applauded and rewarded, then they are bound to work even harder, and this also motivates other staff members to work harder just to have their efforts recognised and rewarded.

2. Job Satisfaction

Such recognition demonstrates to the staff that their work or input is valuable to the growth of the business. It relays a message that what they do for the company is important and is worth rewarding. In turn, this motivates them to work because they feel their input makes a significant difference

3. Employee Happiness

Employee recognition gives the staff member a positive feeling about their role in the company. Such recognition includes treating the employees with respect and shows them gratitude, and this motivates them to want to do a good job. Such positivity is bound to spread across the company, and this creates a conducive work environment where both the employer and employee are happy when doing their duties for the growth and success of the business.

4. Employee Retention

High staff turnover in any business leads lower the morale of the workforce forcing most of them to seek work elsewhere. Employee training is an essential yet a time-consuming thing that impacts utilisation and with high fiscal costs; as such, businesses should invest more in retaining their employee. Recognising the employees' role and rewarding their effort gives the staff a reason to stay. A fulfilled and happy employee is a motivated employee that will have a positive outlook towards work and the growth of the business.

5. Loyalty

Employees who are committed and motivated to your business will promote and sell your brand with ease than anyone that does not care about or believe in what you have to offer. Rewarding your staff for their hard work builds loyalty and helps to establish an emotional bond with the employer and the company.

6. Team Culture

You can build a positive team spirit in your staff by incorporating peer-to-peer recommendations in the rewarding system. They should be encouraged to do this more so because they work beside each other daily. It is an efficient way of motivating the employees to recognise the positive attributes in each other that are worth emulating. It also empowers them to motivate each other and to respect and value the other person's opinion.

Providing Recognition and Rewards

Establishing a structured employee recognition is essential, and a rewarding programme is the most efficient way of having a workable staff incentives scheme. The programme can run online where information is made available to both the management and the employees. An online platform is also an open place where everyone can engage with each other. The reward should be known to the staff which can be a thing that motivates them the more. The management should have access to and understand the performance metrics while monitoring the performance and progress of every worker to pinpoint particular inputs worth recognition and rewarding. The online platform is not expensive to acquire, implement, and run.

What Should Your Rewards Programme Include?

An efficient staff incentives schemes should have five primary areas that feature:
  • Peer-To-Peer Recognition – To employer the employees to celebrate each other
  • Long-Service Awards – To recognise employee loyalty and celebrate milestones
  • Instant Recognition – Establishment of visible performance metrics with an immediate staff rewarding system as opposed to following a standardised schedule
  • Prizes – Giving desirable and valuable rewards that motivate employees to work hard to achieve them
The incentive scheme should be tailor to be in line with the company's objectives and reflecting the business' culture and brand. It should be run correctly with focus on the employee, and its benefits shall be seeing the growth and success of the company.
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