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Blog posts tagged with 'corporate awards'

Tips for Employee Recognition
Tips for Employee Recognition

A little recognition can go a long way toward making your employees happy. By showing your people that they are appreciated, you can improve morale and productivity, and you can also reduce employee turnover. What's more, it does not have to cost you a fortune. Here are 4 tips for recognizing your employees:

1. Gift Cards

Everybody loves gift cards, and they are the perfect thank you for a job well done. They do not cost a lot and they show employees they are appreciated in a very tangible way. They are especially useful during the holiday season, as people can re-gift them or use them to buy gifts for others. There are also a wide variety of different cards you can hand out, so you can choose something a little different each time.

2. Award Plaques

Nothing says you are appreciated more than an award plaque. Whether you present them on a monthly basis or as special recognition, awards are something your employees can hang in their office spaces or in common areas, and they can look upon them with pride. They also do not cost much. 

award recognition plaques

3. Public Praise

People love seeing their names in lights, especially as a reward for their efforts. The easiest way to do this is to give them a shout out on the homepage of your company's website. This costs you nothing but a little time, and it is something that employees (as well as their family and friends) can happily point at. They might even share a link to it on social media, which could generate some exposure for your business. You might also want to post praise in public areas of your business.

4. Company Breakfasts

Food is always a good way to show appreciation. So, consider providing breakfast for those employees who have put in an extra-special effort, or for those who have done an incredible job the entire month. You can even let them choose their breakfast by handing out menus, or you can make it yourself. Not only will providing breakfast not cost you a lot of money, but you can be certain that your employees will show up early for it.

In conclusion, it does not take a lot of time or money to show your employees that they are appreciated. All it really takes is a little thought, and this can reap big benefits for your business.

 

Why Employee Recognition is So Important
Why Employee Recognition is So Important

Businesses and companies too often forget about the importance of employee recognition and the effects it can have on employees and job performance. Many businesses think they're saving time and money by skipping out on employee recognition programs, but in the long run, they're actually losing out on time, money, work quality, and employee retention. It's important to take the time to appreciate an employee's hard work in order to better improve the company and business as a whole. Here are five reasons why employee recognition is so important.

 trophy presentation

Improved Productivity

Implementing employee recognition and reward programs can let them know that the company values their work. Exemplary employees can rest easy knowing their extra effort will not go unappreciated. Through a recognition program, employees will understand what standards they are required to work under and what is considered above average work. Knowing these two keys will improve their productivity and work quality since they will strive to achieve recognition through the program. Companies with no recognition programs will always receive the same lackluster work from their employees since they know that hard work is not being rewarded.

 

Establishes Teamwork

With an employee recognition program, a sense of teamwork among workers is greatly enhanced. Producing excellent and recognition-worthy work to improve the company and business gives them a sense of unity and need for teamwork. Employees who strive to have their work recognized through the program will also be more willing to help out their co-workers when they need assistance. If there is no recognition program in place, employees will be less willing to help each other out and will adopt an "every man for himself policy" when it comes to workload. Their extra efforts aren't being recognized, so they see no point in assisting their fellow co-workers.

 

Comfort Within Work Environment

There are a number of ways to show employee recognition and it doesn't have to be necessarily through a program or rewards. It can be through free amenities and services offered in the workplace. If employees have access to these facilities, they will be more comfortable in their work setting. This will help in creating happier employees, which in turn will produce better work. Even through the simple employee recognition program, employees will still find comfort and happiness in the work environment knowing their hard work going appreciated.

 

Friendly Competition

Implementing a way to recognize your employees can help establish a sense of friendly competition among them. In the bigger picture, this friendly competition serves as a way to see who can produce the best quality work efficiently and consistently. This will perpetuate the quality of work, constantly improving it and the skills of your employees. Be sure to implement the recognition program correctly and let your employees know the standards on which they will be judged upon. Picking an employee at random to be recognized will make them grow bitter towards each other since a lackluster and lazy employee could be recognized over one that goes the extra mile.

 

High-Quality Employees

It's no secret that the best businesses and companies boast the best and happiest workforce. They also have multiple forms of employee recognition implemented. Employees want to work hard for great companies with excellent employee recognition programs and services. They will compete against other potential employees and produce the highest quality work in order to secure their spot in a great company. Recognition programs will also help your business retain hard working employees since they understand their work is being valued. Workers often leave companies because they feel as if they company doesn't care about them, which makes them feel the same way about the business. They want to move onto better companies.

 

What is Employee Retention Really Worth?
What is Employee Retention Really Worth?

What is Employee Retention Really Worth?

 

Why do employees quit?
How much time and money does your company spend on hiring and training new employees? If your turnover rate is anything like the national average of 19%, then you're probably spending a considerable amount of resources. Did you know that employee turnover is one of the highest costs associated with running a business? If you aren't taking measures to effectively combat employee turnover at your company, you are wasting both money and time. By developing a thorough understanding of what drives employees to seek other opportunities, you can potentially save significant capital. Here are the facts you need to create employee retention strategies that will keep you from having to spend a fortune on hiring and training costs.

Micromanagement
Micromanagement frustrates employees. Not to mention the fact that it hurts your business in many ways. By allowing managers at your company to micromanage their teams, employees will feel as though they are being belittled and not appreciated. Micromanagement also hinders employees’ abilities to develop job-related skills. If managers are frequently doing the jobs of their team members for them or dictating their duties step-by-step, those team members will not be any better at doing their job at the end of the day. Because of this, micromanagement makes it more difficult for companies to train valuable, skills employees. Employees want to feel as though they're progressing in the workplace and that their skills are valued. In fact, employees who feel like they are regularly micromanaged are 28% more likely to look for work elsewhere.

They're overworked
Overworked employees are less productive and less happy. Employee burnout is a recurring problem within small businesses and large companies. When a business adds to the workload of its staff without hiring additional talent to balance out the workload, it creates stress for existing employees. Around 70% of workers feel like they don't have enough time in their week to complete their job duties. This feeling undermines job satisfaction and demotivates employees. Employees who consistently feel overworked are 31% more likely to look for a new job than employees who are happy with their workload.

Lack of professional development opportunities
Providing professional development opportunities at your company could boost employee retention by as much as 34%. Employees generally want to expand their skillset and grow their knowledge - professional development programs benefit the employee and the business. Through learning opportunities provided by companies like tuition reimbursement, online courses, in-house solutions and off-site classes, employers can show that they place value in their team members by offering them professional development opportunities.

Low company culture
Company culture is essentially the personality of a company. Workers are more likely to enjoy working for a company if there is a strong company culture that involves a positive environment and aligns with their values and expectations. When employees feel as though the fit in with their company, they are happier within their roles. Workers who describe their workplace' company culture as weak are 15% more likely to seek employment elsewhere.

Lack of recognition
Recognizing your employees for their successes and skills is vital to maintaining their job satisfaction. The fact is, people want to feel valued and appreciated at their place of employment. By verbally praising employees when they perform at high standards, accomplish a difficult task, successfully learn a new skill, or skillfully utilize leadership abilities, you're exhibiting that you truly appreciate their efforts. A recent study shows that two out of three employees would leave their position if they did not feel adequately appreciated.

employee recognition article

The cost of employees leaving

What are the true costs of employee turnover? This study shows that turnover costs are considerable. For example, replacing a single $10 per hour employee costs around $3,300 on average. As the salary and requirements for a job position increase so do the estimated costs of replacing an employee in that position.

Hiring costs
Costs associated with finding a pool of qualified applicants and screening them depend on what resources and methods you use for recruitment. Your business might use an agency or recruiter to locate and screen applicants for you. You probably invest in advertisements for open positions. Both of these things along with interviewing candidates, performing background checks, checking references, and preparing to make a job offer all involve money and time taken away from other facets of your business.

Costs associated with onboarding a new hire
Depending on the scope of the newly filled job position, onboarding a new hire can take anywhere from three months to three years. During that transition period, businesses spend, on average, 10-20% of the employee's salary for training and other onboarding processes. Consider the costs of the following items when tallying up what it costs for your business to onboard a new hire.

  • Training programs
  • Wages for any trainers or teachers involved with training and development
  • Drug testing
  • Paperwork processing
  • Equipment and office furniture
  • HR and administrative costs

Lost productivity
It's rare to find a job candidate whose skills are on par with a highly skilled, long-term employee who has just left a company. Hiring someone new almost always comes with a loss of productivity until the new hire functions at the same level as the previous employee. Losing a seasoned employee will cause greater productivity loss than the loss of a more recent hire, but most newly-filled positions will mean a loss of productivity. On average, expect a new hire to take up to two years to reach the productivity level of the previous employee.

Lost engagement
If your company has a high turnover rate, the employees that stay will feel demotivated. The direct result of this is a loss of engagement. Workers stay motivated and on-target when they are part of a team working toward a common goal and members of the team see consistent progress. Progress is difficult to achieve with a high turnover rate. Existing employees feel as though they are fighting an endless battle and become disengaged with their team and their work.

 

 

How to improve employee retention
So how, then, should you improve employee retention? There are several strategies you can employ to save money on employee turnover. Many of them may not be as costly or time-consuming as you might think. While it's true that raising salary tends to have a direct positive effect on employee retention, several less expensive and non-monetary factors have a strong influence on employee turnover.

Before we dive into the two primary solutions for employee retention, be sure that your company is hiring the correct candidates. Every candidate needs to be properly screened. Businesses who fail to complete background checks and call references hire more bad apples than companies who are more thorough. It's also critical to comprise a list of necessary hard and soft skills for each position and include these in the job description. If a description for one of your positions was written over a year ago, it's time to revisit it and be sure that it still correctly describes your company's needs for the position.

Technical skillsets are important, but if you hire candidates based on skills alone, you'll find yourself in hot water quickly. Non-teachable soft skills like time management, temperament, willingness to be coached, enthusiasm, interpersonal skills, and work ethic should be at the top your priority list when screening and interviewing new candidates. More employees fail in a new job position because of a lack of important soft skills, not a lack of technical skills. Technical skills can always be taught or added to, given you have hired the right candidate.

Utilize HR
First, be sure that your business is utilizing HR to the best of its abilities. In 2016, employee retention was one of the top priorities for HR departments. If your business isn't actively urging HR to gather information about why employees are leaving, you're letting critical data fall through the cracks. Conducting exit interviews can help your company gain insight related to why employee turnover is a problem.

Additionally, sitting down with employees when issues occur and documenting their complaints and comments will take you far. Take employee concerns seriously - your employees are trading the hours in their day to work at your company. By listening to and investigating issues that occur, you're gathering valuable information that can be used to directly address problems. You are also showing your team members that you truly care about their experience as employees and value their opinions.

Recognition and incentives
Next, you can greatly improve employee retention by making a better effort to reward high-performing employees. Employee recognition is front and center when it comes to how happy your team members are in their positions. These are some of the simplest ways for you to recognize employees and improve turnover.

  • Verbal recognition. We touched upon this before, but providing verbal praise to your employees is a simple, effective way to affirm to your team that you appreciate them.
  • Giving a physical representation of your appreciation, like an employee award, is a long-lasting example of the value you place on your high performers. Employee awards can provide a daily morale boost especially when they are displayed in plain sight, like on a wall or on the employee's desk.
  • Increase workplace satisfaction with small office perks like free lunch, free coffee, or free snacks.
  • Recognize your employees’ passions by allowing them a few hours per work week to work on a company side project that they enjoy.
  • Shout out employees on social media. Taking the time to post about employee successes and appreciate team members through social media platforms is a simple way to show your appreciation and give customers a behind-the-scenes look at your company.
Improve your company retention through employee recognition
Improve your company retention through employee recognition

Improve Your Company Retention Through Employee Recognition

With all the work responsibilities that land on their shoulders, high-level staff including corporate supervisors and branch managers often forget to give recognition to those who deserve it. Your employees clock in and out every day with no expectations of being recognized or rewarded of their hard work and dedication. Over time, however, this lack of recognition encourages employees to flee from their current employer in search of greener pastures. For a company, this consistent employee turnover can be a hindrance to your business' growth as the hiring and retraining process eat up your profits. Here's five ideas on how to improve your company's recognition by recognizing your workforce.

 employee recognition

Praise Them

 

It costs nothing to give your employees a compliment, but a sincere "good job" or "awesome work" can go a long way with your subordinates. During long days when employees are knee-deep in project deadlines, meetings, and calls with clients, getting praise from their boss can boost morale and encourage them to go the extra mile.

 

Announce It

 

Brag boards are a common display in many hip and young companies, such as tech startups. Whenever an employee achieves something, such as closes a deal with a big client or launches a new product feature, write it up on the brag board for everyone to see. Public recognition is always more rewarding and imbues a proud feeling to the employee who receives it.

 

Be Creative

 

When trying to reward their employees, most companies go with the conventional route of handing out cash. While money certainly can be useful, it tends to be impersonal and sends the wrong idea. Showing appreciation can be done in a lot of different and creative ways, such as spending lunch with your top salesman or having the employee of the month be CEO for the day.

 

Give Them More Work

 

It doesn't sound like a reward, but giving your employees access to more important work can challenge and motivate them to do better. Giving them work outside their pay grade doesn't have to accompany an official promotion, but the employee should be put on track for one as soon as possible.

 working together

Take Them Out

 

Being confined to a 4x4 cubicle in the office with AC for 40 hours every week can take its toll on your hardworking employees. A simple picnic at the park or a hike to the countryside can enliven your workforce's spirit and reinvigorate them with new energy. After a good quarter, take out your entire office for a nice day outside. To make it more fun, encourage them to bring their families with them.

 

Final Thoughts

 

Proper employee recognition is vital to a healthy and happy workforce. It boosts retention rates and saves your company a fortune on constant rehiring and retraining. Use the five tips aforementioned to recognize your employees' achievements without having to lose valuable resources, like money and manpower.

Why Employee Recognition is So Important
Why Employee Recognition is So Important

 

Businesses and companies too often forget about the importance of employee recognition and the effects it can have on employees and job performance. Many businesses think they're saving time and money by skipping out on employee recognition programs, but in the long run, they're actually losing out on time, money, work quality, and employee retention. It's important to take the time to appreciate an employee's hard work in order to better improve the company and business as a whole. Here are five reasons why employee recognition is so important.

 

Improved Productivity

Implementing employee recognition and reward programs can let them know that the company values their work. Exemplary employees can rest easy knowing their extra effort will not go unappreciated. Through a recognition program, employees will understand what standards they are required to work under and what is considered above average work. Knowing these two keys will improve their productivity and work quality since they will strive to achieve recognition through the program. Companies with no recognition programs will always receive the same lackluster work from their employees since they know that hard work is not being rewarded.

 

Establishes Teamwork

With an employee recognition program, a sense of teamwork among workers is greatly enhanced. Producing excellent and recognition-worthy work to improve the company and business gives them a sense of unity and need for teamwork. Employees who strive to have their work recognized through the program will also be more willing to help out their co-workers when they need assistance. If there is no recognition program in place, employees will be less willing to help each other out and will adopt an "every man for himself policy" when it comes to workload. Their extra efforts aren't being recognized, so they see no point in assisting their fellow co-workers.

 

Comfort Within Work Environment

There are a number of ways to show employee recognition and it doesn't have to be necessarily through a program or rewards. It can be through free amenities and services offered in the workplace. If employees have access to these facilities, they will be more comfortable in their work setting. This will help in creating happier employees, which in turn will produce better work. Even through the simple employee recognition program, employees will still find comfort and happiness in the work environment knowing their hard work going appreciated.

 

Friendly Competition

Implementing a way to recognize your employees can help establish a sense of friendly competition among them. In the bigger picture, this friendly competition serves as a way to see who can produce the best quality work efficiently and consistently. This will perpetuate the quality of work, constantly improving it and the skills of your employees. Be sure to implement the recognition program correctly and let your employees know the standards on which they will be judged upon. Picking an employee at random to be recognized will make them grow bitter towards each other since a lackluster and lazy employee could be recognized over one that goes the extra mile.

 

High-Quality Employees

It's no secret that the best businesses and companies boast the best and happiest workforce. They also have multiple forms of employee recognition implemented. Employees want to work hard for great companies with excellent employee recognition programs and services. They will compete against other potential employees and produce the highest quality work in order to secure their spot in a great company. Recognition programs will also help your business retain hard working employees since they understand their work is being valued. Workers often leave companies because they feel as if they company doesn't care about them, which makes them feel the same way about the business. They want to move onto better companies.

 

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