Employees that are asked to go above and beyond their current duties in order to meet an important deadline expect to be rewarded or at least recognized. If this doesn’t happen after the project is completed and delivered seamlessly, they will be less likely to put forth this effort the next time a deadline needs to be met.
Failing to recognize employee achievements not only hurts their productivity, it can also create problems for management. Their reputability can suffer, and this will make it harder for companies to keep and recruit qualified employees.
Showing recognition is simple, and it is crucial if businesses want to keep morale and productivity levels high. Companies might be surprised to learn that a simple “thank you” is often more inspiring than a large bonus. Employees want to feel like they are contributing to the success of the business, and this is easily accomplished with a few words or a visible token of praise.
While there are several reasons why employee recognition in the workplace is important for a company’s success, here are the three main ones.
- Lower turnover rates
When employees are recognized for their efforts and feel like they are appreciated, they are less likely to start looking for another job. Recognizing employees’ hard work helps to keep them engaged and feel like they are part of the team, and this leads to greater job satisfaction. Lower turnover rates translate into higher profits and improved productivity. Companies are spending less money on finding and training new employees, which means it can be used to help the business grow and prosper.
- Improved Work Culture
The culture at work is important for employee satisfaction. If the culture is one where management rarely interacts with the staff turnover rates are usually high, and productivity levels low. If management doesn’t acknowledge and encourage team culture it will be hard to keep employees motivated and inspired. Having a positive team culture will make employees want to come to work and do their best every day. The easiest way to build this positive culture is for management to recognize great work and interact regularly with employees.
- Improved Performance
Taking the time to incorporate recognition programs at work will pay off in improved performance and increased profits. Employees that are regularly recognized are more driven and motivated, which means that they will produce amazing results at work. Employees that are appreciated are more vested in their jobs and the success of the company. They know that their hard work is contributing to the company, and they share its values and goals.
All employers and management need to do to ensure low turnover rates, employee satisfaction and improved performance all around is take the time to show appreciation and recognition. It only takes a few minutes to say “thank you for a job well done”, and you will be glad that you did when you see profits and productivity levels soar.