Employee reward and recognition programmes and strategies enable organizations to recognize and honour the employees reaching collective goals, scaling new summits of success or to motivate them to work harder. It is also a good way to show your gratitude for the people working for you.
In 2018, where world is moving towards more unconfined hierarchal organizational structures, it is important to acknowledge and appreciate employees with implementing more robust reward and recognition strategies. https://www.power2motivate.co.uk/ can help you with a strategy designed on contemporary trends e.g. peer-to-peer recognition. Besides all of this, there are enough good reasons to implement an employee reward and recognition strategy.
A Win-win Strategy
Implementing an employ reward and recognition programme is a win-win strategy for all the involved parties. When employees feel valued by the company, they get motivated and tend to work in a more productive way. A lot of studies have proven the hypothesis that rewards catalyzes the process of productivity in individuals.
Ultimate beneficiary of increased productivity levels of employees is the company itself. A company generating huge profits with a contingent of content and motivated employees is an ideal scenario that can be achieved through a good reward and recognition system in place.
To Achieve High Retention
High retention rates are very important for a long-term viability of any company. A company can build a distinctive profile among its competitors by maintaining higher retention rates. Retaining employees is also important to develop a definite organizational culture. Apart from these intangible benefits, good retention rates are also important to get optimal advantage from the expertise of your experienced employees.
Retaining exemplary employees is a challenging task because they are always available with multiple options to move. To face this tricky situation, a good reward and recognition program can aid you a lot. Employees feeling fulfilled are least inclined to look for other opportunities.
To Maintain Low Turnovers Rates
One must also know that retention and turnover rates are strongly interlinked. It is not a good sign for any company to experience high turnovers. More employees leaving an organization are indicative of the fact that they are not happy with the management and decision makers. By implementing effective employee reward and recognition program, you can address the grievances of your employees and win over them.
The extinct of tangible and intangible benefits you will reap by employing an employee reward and recognition programme is far more than what you have to spend to implement the strategy. You will save cost on frequent recruitments (with low turnover and high retention ratio). Good employee reward and recognition strategies also help in reducing absenteeism which impedes productivity.
You can also improve the quality of team work by employing group rewards. Peer-to-peer recognition can also help in establishing good work environment. At the end of the day, it is important to cater your employees with better incentive and rewards for the sake of shared interests.
Integrated IO – Phoenix Audio, Video, Business & Smart Home Solutions.