Organizations that have strategic recognition programs have 28.6% lower frustration levels than companies that don’t, according to a survey by SHRM/Globoforce.
Everyone likes to be recognized. It’s only natural that employees also enjoy being singled out, praised and rewarded for their hard work and contribution to a business. Acknowledging and rewarding employees efforts, behavior and performance is a very effective way to motivate your workforce. Here’s a look at why recognition from managers is important and some ideas for how to set up a successful reward program.
The Importance of recognition
From day-to-day informal or official recognition, noting and rewarding good work can have numerous positive effects:
Performance-boosting
When employees are praised and rewarded for their good work it creates a virtuous circle that encourages them to continue to work hard. Similarly, colleagues are inspired to also work better and receive recognition for themselves.
Better results and bottom end
Encouraging good work can eventually lead to better performance throughout a business and a bottom end. Those good performances add up.
Increased loyalty and talent retention
When employees are recognized and rewarded for their contribution, it makes them feel good. Happy staff that are valued are more likely to stay at an organization in the long term.
More supportive workplace
The more employees are praised and feel valued, the more likely they will pass on the same positivity to their colleagues. A supportive, cooperative workplace can have a huge benefit on employee happiness and productivity.
How to set up a successful reward program
Decide on the aim
Work out what the objective of your scheme is. Do you want to improve performance in certain areas or rewards specific work qualities?
Establish the budget
It’s important to work how much money you can spend on the program. If you over-reward it might not be cost-effective.
Create a team
Put together a committee who will be responsible for recognizing employees’ performance and giving the awards.
Choose the criteria
Decide what you will be judging your employees on. From milestones to team results or displaying outstanding personal qualities, there are many choices.
Set your rewards
Last, but not least, you also need to decide how your employees will be rewarded. Again, there are lots of options, from a day working in the boss’s office to time off, hotel stays or gift cards.
How to monitor performance
A key challenge when it comes to running a successful program is working out exactly which employees are worth it. In many cases, the quieter and less noticed workers are actually the hardest working and worthy of praise.
An excellent way to discover just how productive your staff is through the use of employee monitoring software.
Solutions such as KnowIT can be installed remotely onto all employee devices where it can monitor exactly what apps and websites are being used and communications being sent. The software can produce individually tailored productivity reports that show exactly how much work each member of your staff is doing, based on which apps and websites you designate as productive, neutral or unproductive.
It’s a great way to find out who is actually working and reward them for it. To learn more about KnowIT click here.