A paycheck isn’t always enough to honor a good employee. You could always lose them to a company that offers more benefits and makes them feel more appreciated. That’s why it’s worth investing in business technology tools that make employee recognition an easier and normal part of your company’s structure.
What Are Employee Award Options?
Honor your employees in many ways, from bonuses to custom trophies and awards from Trophy.com for achievements such as Employee of the Month, Employee of the Year, sales milestones, or years of service. You may want to focus on performance and results and bestow honors, such as employee of the month or employee of the year. Celebrate sales with awards, especially when they exceed hard targets. You can honor entire teams in addition to individuals.
Don’t forget to acknowledge innovation and creativity, whether for solving out-of-the-box problems or helping improve processes. Highlight employees who have remained for years of service, whether it’s been a 10-year or 25-year work anniversary. While retirement plaques commemorate a dedicated career with the company, you can give other awards to acknowledge years of service long before that.
When someone has perfect attendance, don’t forget that as well. Incorporate peer-to-peer recognition that allows people to nominate and praise amazing colleagues and mentors. Give a shoutout to those who demonstrate your company values, from teamwork to sustainability to community service.
Why Is Employee Recognition So Important?
Having a structured employee recognition program benefits staff and the company itself. Doing so helps create an overall positive working environment that can show up in everything from emotional support to better profits.
Workers
Just getting a check isn’t always enough when there are other companies that may be offering more comprehensive benefits packages, clearer routes to promotion,etc. Therefore, if a company has staff worth keeping around, it’s worth making sure the worker knows this, which recognition and other benefits help with.
Recognition can make people feel seen and valued, which translates into an overall sense of work happiness. This can reduce work anxiety, which helps everyone function better and be more productive. A happy, well-balanced team can lead to better innovation and makes one less likely to leave for the competition.
Earning cash prizes and high-end awards like appliances from a job well done or other milestones can help offset expenses. Imagine wanting a high-end grill only to win one because you’ve been such an outstanding employee who exceeded sales goals.
What about the feeling after getting a lovely housewarming custom basket because you moved into a new home, welcomed a new baby, or recovered from an illness? The warm feeling an employee gets after a surprise honor can increase even more if it comes from colleagues through peer-to-peer recognition programs, which can help further a sense of camaraderie.
The Company
Employee reward programs are a strategic investment in engagement that helps individuals and teams work better since they’ll feel they have a supportive environment where efforts aren’t in vain.
When most people decide to stay for years and possibly retire from a company, that improves your retention rates, which saves money from not always having to train new people. Poor retention reflects poorly on company culture. According to Give River, 71% of employees are less likely to leave a company if they have better recognition for their work.
Showing you can keep workers and promote them accordingly reflects that a company has a good reputation, which encourages more high-skilled talent to want to come there. It also makes strategic partnerships with other businesses more accessible.
Where Does Technology Fit?
The integrated technology tools make it easier to access and update employee information and ensure management participation. Analytical reports help ensure there is effective recognition distributed across departments. It can also help with retention that prevents employees from quitting due to low recognition.
HR system integrations can connect into daily communication hubs like Slack and Microsoft Teams so people can give praise inside existing workflows. Connect with a tool like Workday to automatically update employee lists, titles, and department structures.
Use automation tools for scheduled communication with managers about work anniversaries and birthdays.
Send reminders to managers that a team member has, or is about to, hit a hidden goal, and that it’s time to plan for an appropriate reward. Track how often recognition feedback is being used by teams and peers.
Some tools to consider for your company include:
- Awardco
- Kudos
- Bonusly
- Nectar
- Guusto
Companies Help Themselves by Awarding Workers
A good employee wants to feel validated, and that can include remembering birthdays and work anniversaries. Companies can give them a special announcement or a bonus for going above and beyond set targets.
When companies express their appreciation through recognition programs, from cash awards to trophies or useful items like appliances, it can motivate people to elevate their efforts. As a result, you’re less likely to lose valuable talent, but instead can watch them grow and possibly retire with you years in the future.
