- Do you know what some of the world’s top and most successful businesses have in common?
- Are you aware of the one common thread that runs between companies like Apple, Microsoft, Google, PayPal, and others?
- Have you thought about how employee recognition awards can help you improve your company’s productivity?
Employee recognition programs are the new buzzword in the industry and for good reason. They have been proven to improve employee engagement, boost productivity, create a loyal workforce, and better employee retention rates.
To be honest, there are very few other strategies that come close to creating a progressive work culture other than recognition and reward programs. You might think that trophies and awards do not mean a lot, but in reality, HR experts point out that their contributions are quite significant.
Employee Recognition Programs: What are they?
In very simple words, employee recognition programs are business processes that recognize the effect some outstanding employees have on a company.
Stellar performances that are helping the company grow in terms of revenues, new clients, and acquisitions are what make the foundation of a successful employee recognition program.
Businesses that are looking to start such a program need to ensure that the desired outcomes in terms of the KPIs are the parameters that are being taken into consideration.
Programs can include anything from trophies to awards, handing out gift cards, public praises, weekend retreats, and other handouts that you deem feasible.
If you are worried about the extra costs cutting into the revenue, fret not. Detailed studies have shown that such programs rather than adding stress to the company finances tend to have the opposite effect.
How to Build the Best Recognition Program in 2021 for your Business?
As a business, you should always be on the lookout to create a team of champions. If you have a hundred employees in the organization, not all of them are going to be high-performing individuals. If you are in luck, you might get ten driven and highly motivated employees.
A good recognition program has two major goals-
- Make the employees who are putting in their everything feels rewarded and acknowledged for their hard work.
- Motivate the others who are not doing that well to aspire and do better to get their names on the awards and enjoy subsequent benefits.
If you are looking to identify, which employees should make the cut in terms of being rewarded with awards, experts are on hand to help you out. You need to look at employees that are interested in areas that are beyond their direct work.
You also need to look at team leaders who are leading successful and productive teams. Finally, experts suggest that turnaround times of projects and completion rates need to be the determining factor for getting awarded.
Things Businesses should look out for when creating a Recognition Program
- Regular Programs-
Businesses cannot carry out an awards program for one year and then abandon it the next. For a successful program to become part of company culture it needs to be held at periodic intervals and in a regular fashion. This also allows employees to know and understand the time frame of when they need to start performing better and be eligible for the rewards.
- The Visible nature of the Program-
It goes without saying that the appreciation needs to be as public as possible. Employees like when their names are taken positively in front of their colleagues. This boosts their confidence and eggs them on to maintain a good track record. It also allows others to know what the rewarded employee is doing differently and learn from them.
- The Program needs to be Inclusive-
You cannot reward just a single employee in a year. Yes, it is true that not all employees can be rewarded. However, you can follow a ten percent rule and ensure all teams in the organization are getting represented. This will promote and boost a culture of inclusivity and uniformity within the organization and boost productivity in all teams.
The Final Word
By following the above points in the article, you can ensure that you are well on your way towards emanating and nurturing a credible Employee Recognition Program. Once you are doing it right, you will automatically see the positive impact it is having on your work processes and overall company culture.