Employee recognition is a powerful thing. When it comes to boosting retention and morale, it is arguably one of the most results-driven tools that can be utilised.
When employees feel appreciated and valued, they are more likely to remain engaged, motivated and committed to their employer. Employee recognition facilitates this, while perhaps nullifying the grim prediction that staff turnover rates are likely to climb 50 to 75% higher than companies have previously experienced.
In this article, we explore the impact employee recognition can have on improving job satisfaction and workplace morale, while subsequently helping companies to retain their best talent.
The importance of employee recognition
Employee recognition is the act of acknowledging and rewarding employees for their contributions, achievements and hard work. It can take many forms, from verbal praise and a simple “thank you”, to cash incentives and promotion opportunities.
The stats don’t lie
Its effect on employee satisfaction and subsequently, on business operations on the whole, has been well documented in recent years.
A survey by Deloitte revealed that companies with employee recognition programmes boasted 14% higher levels of engagement, productivity and performance than organisations without such programmes.
Its impact on retention is also hard to ignore.
A 2021 report by Achievers Workforce Institute found that recognition was the second most compelling argument for an employee to stay in their role, with 21% of those surveyed citing this as a vital element of job satisfaction.
Employee recognition and workplace culture
Employee recognition also aids the creation of a positive workplace culture.
When employees feel appreciated, they are more likely to have a positive attitude towards their colleagues, managers and the organisation as a whole. This upbeat atmosphere can boost morale and foster a sense of teamwork and collaboration.
What’s more, satisfied employees are more likely to praise their company culture in the public realm, cementing a good reputation and bolstering brand values.
How employee recognition boosts retention rates
Retaining top talent is crucial for the success of any organisation. High employee turnover rates can be costly and disruptive, leading to lost productivity, decreased morale and soaring recruitment and training costs.
Employee recognition can help to reduce turnover rates by improving job satisfaction, loyalty and engagement. Establishing a reputation as a company that recognises and values its employees can also influence the perception of an organisation as an employer of choice. This will make it easier to attract and retain top talent.
Improving morale through employee recognition
Recognition comes in many forms, but statistics would suggest that verbal recognition for a job well done is a crucial component of employee happiness.
When employees feel that their contributions are valued, they are more likely to be motivated, productive and engaged. Recognition can also boost morale by creating a sense of community and camaraderie among employees.
With 83% of employees admitting to favouring recognition over monetary rewards for their noteworthy contributions, it appears it may be easier than employers think to boost overall workforce morale.
How to introduce employee recognition in 4 simple steps
To be effective, employee recognition practices and programmes must be meaningful, timely and consistent. Here are four top tips for implementing effective employee recognition strategies:
1. Tie recognition to company values
Employee recognition programmes should be designed to acknowledge the actions that align with a company’s values. For example, if teamwork is a core value, a recognition programme that rewards employees who demonstrate exceptional collaboration skills or who go above and beyond to support their colleagues would be an appropriate choice.
2. Provide timely and frequent feedback
Timely recognition reinforces positive behaviours and helps to sustain motivation. Furthermore, being consistent with uplifting feedback when warranted will motivate employees to continue on a productive path, and to be continuously valued for the contribution they bring to the table.
3. Use a variety of recognition methods
Different employees may prefer different types of recognition, so it is essential to use a variety of methods to support an inclusive workplace. These can include
· Verbal praise
· Written recognition
· Monetary rewards
· Offering promotions and career advancement opportunities
· Peer recognition
· Providing opportunities to partake in special projects or assignments
4. Make recognition visible
Public recognition can boost morale and motivate others to strive for similar achievements. It involves recognising employees in front of their colleagues or the entire organisation, which can prove to be a powerful motivator to the employee in question, as well as those looking on.
Recruit and retain the best in the localisation industry with the help of International Achievers Group
At International Achievers Group, we understand the importance of recruiting and retaining top talent. Through our localisation recruitment services, we can help you source the foremost talent in the localisation industry, no matter where they are located.
Our team of experts has over two decades of experience in the localisation industry and can provide you with the guidance and support you need to make informed hiring decisions.
Recruit the best and keep the best – get in touch today to see how we can help you source the perfect localisation candidates for your unique business needs. Also, take a moment to visit our blog and resources for the latest localisation news and industry updates.