Employee Recognition Will Never Go Out Of Style

National Employee Appreciation Day is March 4, and it’s always a fantastic opportunity to show your hard-working employees some love and recognition, but the simple truth is that recognition isn’t a one-off. 

Why give employee awards & recognition?

It’s not something that the most successful companies confine to a fixed point in time and then forget about for the rest of the year.  There are a number of compelling reasons why, but as a review, here are the big three:

Productivity Gains

Multiple studies have been conducted on the impacts of regular employee recognition.  One of the biggest benefits to you, as the owner of the firm is the fact that by taking the time to recognize your employees and calling attention to the achievements of your star performance is that they’ll work harder.

That makes intuitive sense, but the numbers may surprise you.  A well-run employee recognition program will boost the productivity of your employees by an average of 12% which is beyond impressive!

Appreciation Is The Foundation Of Trust

The reason human beings are the dominant life forms on planet earth today comes down to one fact:  We work well together.  We cooperate with each other.  We trust.

But trust doesn’t happen automatically.  It’s best when it’s built on a solid foundation and that foundation starts with appreciation.  If your employees know, and get regular reminders that you appreciate their efforts, they’ll reward you with greater trust.

Studies have borne this out as well.  Surveys conducted at companies that have a robust employee recognition programs consistently report that upwards of 90% of employees trust their managers.  Contrast that with only 48% at companies without such programs.

Improved Employee Retention Rates

According to the Bureau of Labor Statistics, the #1 reason employees switch jobs has to do with the fact that they feel they lack autonomy and respect.  An employee recognition program tends to encourage greater autonomy and is a tangible sign of respect. 

Have you looked at the numbers surrounding finding, hiring and training a new employee?  On average, it costs more than $4,000 and takes up to 42 days of training to get a new hire up to speed.  That’s 42 days of minimal productivity on top of the direct costs. 

It’s staggering, and given that, it only makes sense to do everything you can to keep your employees happy, productive and working for you.  The more you can do that, the less often you’ll have to bear the expense of hiring someone new.

All that to say, if you don’t currently have an employee recognition program in place, you’re leaving money on the table.  You owe it to yourself and your employees to develop one right away so both you and they can start reaping the many benefits it will bring to your company and you’ll be delighted at the positive changes it has on your company’s culture.

At Successories we help you make rewarding your employees easy. Go through our vast collection of gifts and rewards for all occasions and pick ones that are right for your team.