In today’s competitive world, employee retention is becoming a real challenge. Statistics show that over half of the employed people are looking to quit, meaning a good chunk of your employees may be ready to jump ship whenever an opportunity presents itself.
But you don’t have to worry about employee turnover if you do things right. One of the best ways of attracting and retaining top talent is cultivating a culture of recognizing and awarding exemplary performance.
If you do not have a reward system yet, this guide may highlight some reasons you may need to implement one.
- It Shows Appreciation
Everyone wants to feel important and wanted from time to time. The need to feel important extends to the work environment, and nothing speaks appreciation as loud as awarding exemplary performance.
You do not need to be extravagant. Simple things such as customized plaques can go a long way in making an employee feel wanted and appreciated.
If you don’t know where to get customized awards and trophies, www.awards.com is one place you may want to visit for the highest quality of trophies guaranteed to leave an impression on your employees.
- Encourage Healthy Competition
Regardless of how big or small the reward for exemplary work is, everyone in your organization will be eying that moment of basking in the glory, which can promote healthy competition among your employees.
There will be a lot of healthy competition and a deliberate desire to outdo each other. When employees finally get their moment to shine, they feel accomplished, and others will want to be there next. That way, every employee brings out the best version of themselves.
- Improved Productivity
Rewarding exemplary performance doesn’t necessarily have to be in one area. For example, if you are rewarding members of a sales team, you could have a reward for the employee that nets the biggest sale in a given product or service.
At the same time, you could have rewards for the sales representatives that won over more clients even when the sale could not be as significant as the former. This way, everyone feels appreciated at their level and what they are good at, which can be an excellent motivator for better performance.
- Retaining the Best Talent
One of the reasons why employees leave is feeling unappreciated. Unfortunately, some bosses will know an employee’s value but never let them know or show appreciation.
While a good paycheck can bring a smile to your employees’ faces, the satisfaction will only last for a day or two. On most days, all they care for is recognition, and if they can’t get it from you, they may get it somewhere else and will not hesitate to leave.
- It Encourages Reporting
Rewards should not only be about performance. You can include anything else, like reporting incidents and situations that could help avert danger. For example, you could create a reward program for reporting hazards or dangerous situations.
If your employees know you will reward them for reporting potentially dangerous situations, they will be more than willing to come forward, thus reducing the chances of workplace accidents. Reduced accident rates in your organization will mean you pay lower premiums for your workers’ compensation cover.
There are countless other reasons why you may need to recognize your employees. You do not always have to go big with recognition; you can start small and build on it as you grow. It is the heart of appreciation many employees look for, not the value of their rewards. Sometimes kind words are enough.