Employee recognition is the timely, informal or formal acknowledgement of a person’s or team’s behavior, effort or business result that supports the organization’s goals and values, and which has clearly been beyond normal expectations. Implementing an employee recognition program is a cost effective way to capitalize on numerous benefits.
Recognition is most effective when it takes place on a regular basis and in a variety of ways. Recognition that aligns with culture of your company is the most effective. An employee recognition program provides managers and supervisors different opportunities for acknowledging staff members, peers, and colleagues.
Employee morale increases when a company implements a recognition program. High employee engagement is the key to boosting business results across the board on metrics like customer satisfaction, safety, productivity, and profitability. In a 2012 Gallup poll, businesses who implemented an employee recognition program recorded 38% less absenteeism and 48% fewer safety incidents.
Recognition programs help businesses retain top talent. As the saying goes, “People don’t leave jobs, they leave employers.” The single most effective way to reduce turnover and keep your top performers is to create a culture they cannot imagine leaving. Part of keeping talent is in attracting the right people in the first place. Employee recognition programs show current employees and new applicants you’re your company puts people and culture first. People who feel appreciated in the workplace are less likely to leave.
Recognized employees are more productive, offering discretionary effort as a result of their increased emotional commitment to their jobs and their companies. Companies that practice employee recognition experience a 23% increase in productivity according to a study by the Society for Human Resources Management.
When all of these benefits are brought together, profitability increases. Happy employees create happy customers. Happy customers share their experience with their friends and family and increase the opportunity for your company to capture their business as well. When employees are recognized for the hard work they are doing, they know their job tasks have purpose. They’ll want to continue achieving and working hard to make your business great. Studies show that engaged employees with a strong understanding of company values positively impact key customer metrics such as patient and customer satisfaction, customer retention, and customer loyalty.
Levy Recognition offers fully customizable employee recognition programs with simple administration and an exceptional participant experience that consistently surpasses the expectations of you and your employees. From safety recognition programs to incentive programs to overall employee recognition; we build the program with you to serve your needs.