Workforce retention, company morale and your reputation as a leader can benefit.
When considering workforce retention, how important is it to recognize the efforts your employees make on your company's behalf? Very, according to a recent survey by Globoforce, a provider of employee-recognition solutions. The message from employees is clear: Compensation is only part of the employment contract.
In Globoforce's spring 2012 Workforce Mood Tracker, 55% of respondents said they'd actually leave their jobs to work for a company that clearly recognized their efforts. What's more, the survey finds that those respondents who have been recognized most recently are less likely to seek employment elsewhere. And they're twice as likely than those who haven't been recognized to say they love their job.
To inspire everyone to perform at their best, employers need to create a culture of appreciation, recognition and reward. How can you better recognize your high-achieving employees? Consider the following suggestions:
Set common goals, and transmit them across the organization: By aligning rewards with corporate strategy, you ensure that everyone is working with the same aims in mind. And by being transparent about how rewards are distributed, you build confidence and a sense of fair play among employees.
Be clear about why you are offering recognition. Rewarding an employee without telling them why (and just saying, "You're doing a great job!" doesn?t cut it) defeats the purpose and fails to align behavior with the organization?s broader goals. Also, don't delay your acknowledgment. If an actual reward will come later, a simple thank-you will suffice to reinforce the message in the meantime.
Be open to different types of rewards: Recognition can come in many shapes, so the more you know about your employees, the more you'll be able to offer them motivational incentives. Is your employee eager to take on challenges? Give her an assignment (along with proper support) that will broaden her abilities. Did she put in hours above and beyond the call of duty? Maybe she'd appreciate some time off. Has she shown that she can handle complex situations on her own? Give her greater independence to express your trust. Other non-remunerative rewards include greater access to information, a more flexible schedule and even increased responsibilities.
Spread the good word. Just as you need to relay to the recipient the reason for her recognition, you should also alert her peers, as well as others members of your organization. Increasing her visibility beyond her department can have untold positive effects on her career.
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