The Power of Employee Appreciation. 5 Best Practices in Employee Recognition.
Power of Recognition
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17-Oct-2014 -
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Transcript of Power of Recognition
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Reap the Rewards of Recognition
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Power of Recognition
• Everybody likes recognition
• Show your employees love or risk losing them
• No. 1 reason employees leave jobs…they don’t feel appreciated (U.S. Dept. of Labor)
• Making people feel good is good for business
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Power of Recognition
• Employees are motivated by recognition– It is three times more important
than salary as a satisfying element of work (Harvard Business Review)
• Leads to increased productivity and employee retention
• In turn, leads to improved customer relations and increased business
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Recognition drives results
• A good recognition program can:– Motivate and encourage good behavior – Improve morale and build loyalty – Retain employees; cut recruiting and
training costs– Increase productivity and sales– Increase customer satisfaction– Boost profits
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Recognition drives results
• 50% lower turnover– Key employees cost 150% of their salary to replace
• 38% more productivity– Engaged employees perform more efficiently,
are more loyal and are easy to manage
• 27% more profitability– Companies with motivated employees
are more financially stable
• 56% higher customer satisfaction– When employees are happy, customers are happy
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Creating a Recognition Program
• Best recognition programs use gifts and awards – Thoughtful, last in memory– Constant reminder of achievement– Motivate to do better
• Gifts are better than cash bonus– Used immediately, nothing to show for
accomplishment– Don’t remember why received cash award
in the first place
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Creating a Recognition Program
• Promotional products are effective for motivating, rewarding and recognizing
• Service-based events– Watches, timepieces, crystal, glass,
plaques, pens, artwork, leather gifts
• Performance-based recognition– Electronics, leisure/sporting goods,
apparel, desktop/computer accessories, household items
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Reward the right way
• Recognize with a tangible, visible reward– Seen by peers, family and friends
• Make them proud – Proud to receive and display– Bring positive emotions and reminder
of why recognized
• More personalized, the greater its impact– Gives higher perceived value
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Reward the right way
• Informal recognition is important– Hand out spontaneous awards when an employee
excels– Not just for employment milestones
• Sooner, not later– Start recognizing right away to develop loyalty
• 90 days, 6 months, 1 year, etc. • Retention isn’t fought at 20 years, it’s fought at
one-to-5 year level
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Reward the right way
• Consider the recipient– One-size-fits-all doesn’t work– Offer choice and let employees help choose items
• Involve the family– Rewards than can be used in leisure time– If an employee’s spouse is on board, he/she will be
more engaged in the workplace
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Reward the right way
• Give more frequently, but on smaller scale– Generation Y employees crave constant
recognition– Reward for day-to-day
achievements• Unusual action to please a customer• Long hours to meet project deadline• Cost-saving or productivity enhancing suggestion• Completing a big sale
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Summary
• Increased business is the result of customer satisfaction
• If you want customer satisfaction, motivating and retaining employees is key
• Retention is directly tied to rewarding and recognizing individuals