Wondering if your company is OKR ready?
Employee recognition – Most under-estimated tool to enhance employee experience
Do you know how many people at your company feel appreciated at work? Have you looked at the employee turnover rate at your organization?
As per Glassdoor 53% of the workers say they would prefer to stay at a company where they feel appreciated.
It’s not hard to notice disengaged employees at work. People don’t put effort into their work, delay projects, display signs of burnout, etc.
If existing employee recognition programs at your company don’t engage people, you must know that implementing company-suitable recognition practices can significantly enhance workers’ experience.
In this blog post, you will look at why an effective employee recognition system will make your employees happier and more engaged.
What are the different ways to recognize your employees?
The founders and leaders have to take charge of creating and maintaining better recognition practices at the company. These can be the various recognition methods at a company:
- Monetary recognition
- Written praise
- Encouraging peer recognition
- Surprise rewards
- Shoutouts on social media and other media
- Offering more paid leaves
- Celebrating work anniversaries
- Giving collectible and redeemable points
- Dedicating a day to the employees
- Offering career development opportunities
- Conducting friendly competitions like outdoor, indoor, or virtual games.
- Hosting informal get-togethers to appreciate and celebrate work
- Sharing excellent and constructive customer feedback openly
- Variety of workplace recreations like sleeping pods, indoor game setups, etc.
Reasons why you must recognize people in your organization
- Reducing the employee turnover
It may not be as big an issue in big corporations that are already profitable, but startups and other companies should not ignore a high employee turnover.
The state of the US workers is such that 48% are actively searching for a new job.
Publicly recognizing individuals makes them feel valued and supports healthy competition among them. Workers feel optimistic about career development
when the organization acknowledges their good performance.
Companies also retain their talent when employers combine open acknowledgment with frequent performance appraisals, appropriate rewards, and bonuses.
- Boosting the morale of team members
It’s been observed at the companies that boast of happy employees that the leaders recognize their employees’ hard work by offering tangible rewards and more necessary yet uncommon rewards like more paid leaves.
Another aspect of the recognition practices is the feedback to the employees. Frequent criticism and negative feedback do not help people. Leaders who give constructive feedback and acknowledge people’s commendable efforts have a long-lasting influence on individuals.
- Help in lowering fatigue at work
Supporting and applauding some workplace initiatives, like giving employees autonomy and encouraging them to be involved in health and wellness programs or fun activities outside the office, can energize people.
- Strengthening the team’s relationships
A team works efficiently when they have good chemistry and coordination. When employers appreciate their people well, they must know and work closely with the employees.
When you thank employees for their honest feedback and initiatives, they feel safer expressing their opinions with the team. This behavior of the team members enables them to collaborate actively, strengthening their bonds.
- Attracting more talented workers
What do people look for when they are searching for new jobs? Compensation is a significant factor in the job search process, but other factors like great work culture, work-life balance, and growth opportunities are also becoming increasingly important for people.
Companies that appreciate their workers also create attractive work culture examples. Look at the number of applicants for the jobs posted by companies like Google, Uber, Canva, etc. These companies share an essential workplace trait, i.e., recognizing the sincere efforts of the workers by providing them a better lifestyle with other workplace benefits like a solid work-life balance.
- Establishing a powerful work-culture
The work culture is a dynamic aspect of work life. There is no fixed set of aspects that makes a company’s culture great. Businesses must adapt to the changing world. For example, most companies could not imagine letting their employees work from home the whole time.
Companies that inspire their people by valuing their work and giving credit for their excellent performance publicly set good examples for their cultures.
- Enables people to engage more at work
It’s a fundamental principle in any team. When people feel valued for their contributions, they get more connected to the team’s shared objectives.
Great companies like Intel use the transparent OKR framework that aligns team members toward common goals.
- Creating better future leaders
When companies appreciate and promote individuals who show excellent growth and people skills, they become more confident.
There are many examples of great people leaders around us that support and offer career development opportunities to new employees.
Businesses worldwide need organizations that create leaders through a great culture of recognition. These leaders, in turn, propagate a similar culture in other companies.
Want to make employee recognition at your company easier with proper strategic planning and execution? Reach out to us by signing up for a free demo and discuss the planning process.
- How to recognize employees on social media?
Appreciating your people publicly boosts their morale. Social media is excellent for spreading the good word about your employees. Let’s look at some of the best ways to recognize people on social media:
- Welcome posts for new joiners
- Celebrating work anniversaries, promotions, and other milestones.
- Employee interviews
- Office tours
- Letting the employees take over and speak
- Sharing customer reviews
- Random and fun pictures from the workplace
- Posting charity and volunteering events
- What is the best way to recognize the workers?
Rewarding employees is not just about money, as most people think. 74% of young workers say they would compromise some of their pay to work at their ideal workplace.
The best way to find out what your people think would make the office a better place is by asking them. Collect their feedback about employee recognition and experience.
There are many smaller but effective ways to recognize your team’s efforts, as mentioned above in the article.
- What are some important employee recognition statistics?
- People are more six times likely to stay at their companies if they are recognized there. (Zippia)
- Only 18% of the workers report working in a high fairness environment. (Gartner)
- 80% of the workers would work harder if they are better recognized. (Zippia)
- 65% of the employees would prefer non-monetary benefits. (LinkedIn)
- Organizational productivity enhances by 31% when the workers are happy. (HBR)