Why A Business Must Have Employee Awards
You’re probably missing out a great chance of increasing productivity, fostering loyalty, improving worker’s pride and boosting morale in the workplace if your business still 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. An inexpensive employee award, medal or trophy can provide more bang for the money since any salaries or wages increase has hidden costs similar to higher tax that may be 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. Your business will be able to generate bigger profits due to the boost in productivity because employees compete for the recognition awards.
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 that are recognized by their employer are actually happier and more pleasant in the workplace.
Reason number 5. It can be the perfect opportunity for companies to be more unified in positive social setting by having employee award ceremony. Your employee recognition ideas may be designed around this no matter if it’s semi-annual or annual.
Reason number 6. Deciding to reward employees can go a long way to making them happy, more productive and energetic while positively affecting others in the workplace.
Reason number 7. Rewarding employees and actual recognition experience motivates those who don’t receive awards. This way, the whole company will likely move in the right path and work together as a team.
There are plenty of ideas that can help you to creatively give awards on employees and most of the time, it is a lot cheaper in comparison to having financial compensation which can deliver almost the same result. If you wish to grow your business, always remember that it all starts with your employees and thus, applying employee rewards programs is the first step to make it happen.