Why A Business Must Have Employee Awards
Your business is probably missing out a great opportunity of increasing productivity, fostering loyalty, improving worker’s pride and boosting morale in the workplace if you don’t have employee recognition programs. Say that these things are achieved, it can then translate to customer satisfaction as well as higher profits.
As you read the next lines, you will soon discover the benefits that your company can get by applying implementing recognition awards to your employees and to how it can be very useful.
Reason number 1. Believe it or not, employees respond more to receiving recognition compared to what they can get in increase pay and financial rewards. Truth is, having inexpensive employee award, medal or trophy can offer you with more value because any salaries or wages increase has hidden costs similar to higher tax that may potentially drag on bottom line. Not only that, employee awards are way cheaper than benefits or increasing the employee’s salary.
Reason number 2. Since every employee of your company will strive to become a top performer and be able to earn recognition for his/her efforts, it is likely going to create healthy competition between them, which can then increase the overall productivity of your company. It is sure to boost productivity as your employees compete for recognition awards and for this, it can translate to bigger profits for your business.
Reason number 3. It can actually make your employees to be more loyal meaning, there’s going to be higher employee retention, lower turnover and also, less expense and time in hiring and training new staff by using some employee appreciation ideas.
Reason number 4. Employees recognized by their employer are happier and at the same time, more pleasant in the workplace.
Reason number 5. Having employee award ceremony can be the perfect opportunity for companies to be more unified in positive social setting. Your employee recognition ideas can be designed around this regardless if it is semi-annual or annual.
Reason number 6. By rewarding employees, it can go a long way of making them happy, more productive and energetic while positively affecting others in the workplace.
Reason number 7. Those who don’t receive awards can feel more motivated when they see other employees being rewarded. The whole company is more likely moving in the right path and working together as a team through this.
There are so many creative ways on how you can give awards to your employees and in most instances, it is a lot cheaper when compared to financial compensation which can deliver almost the same result. So apply some employee reward program if you want to see visible growth in your business.