Does your small business have an employee recognition program? Otherwise, it might be time to consider one. The war for talent is being harder than ever, reports a study by SHRM / Globoforce's human resources professionals. Nearly half of respondents say their biggest management challenges are retention and turnover.
Responding to these challenges, the companies surveyed are turning to employee recognition programs to help employees feel valued. Making your business a good place to work not only retains your existing employees, but also makes your current customers more likely to hire friends and associates. This can give your company an edge over the biggest competitors for skilled employees.
The secrets of employee recognition programs that work
But there are important things to keep in mind when developing a recognition program. Here's what you need to know.
- Your employee recognition program should help you achieve your business goals. Employee recognition is not just a feeling of well-being. By reducing employee turnover, increasing employee engagement and helping to create a more positive work environment, a good employee recognition program offers many business benefits. It reduces recruitment and hiring costs, helps eliminate the time and training costs of new employees and improves the productivity of the company.
- You should link your employee recognition program to the values of your company. Managers with this type of recognition program are much more likely to believe that their programs are working well or very well. In addition, value-based employee recognition programs are almost twice as likely to contribute to the achievement of business goals. In comparison, according to the study, recognition programs that do not relate to the company's values are more likely to be launched for reasons of cost reduction, and to miss out. 39, a clear goal and direction.
- Be prepared to spend money for employee recognition. If you send congratulatory e-mails or e-cards to your employees, or if you give them a look at recognition, it's time to invent them. Recognition programs funded at one percent or more of a company's payroll are 86% more likely to succeed than projects with little or no budget. It does not take much money to stimulate employees.
- Unofficial recognition is also important. In addition to an official employee recognition program, the report highlights the importance of frequent and informal reinforcement to enhance employee satisfaction. That it is a manager praising an employee for a job well done, or an employee complimenting another for agreeing to handle a job. project, these little moments of recognition can make a big difference in the general culture of your company.
- Recognize the events of life. There is another type of recognition that has nothing to do with job performance, but is also important for employee satisfaction. Three out of five businesses (60%) help employees celebrate life events – like getting married, having birthdays, buying their first home or having a baby. When employees are satisfied with the way life events are celebrated at their workplace, they are almost twice as likely to say that it is a good place to work.
Overall, the report concludes, we are entering an era where the approach to employee satisfaction, retention and recruitment is more focused on the human. This is not new for small business owners. When you have a small business where you know every employee, there is no reason not to treat your employees like people
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