Some business leaders get confused with the difference between employee recognition and employee rewards. But make no mistake about it, understanding the differences and implementing robust employee retention strategies could help reduce churn rates, increase productivity and ultimately make your people happier in their jobs.
Employee recognition, simply put, is the acknowledgement of a task well done1. From praise in the Monday morning meeting to an employee appreciation day, reaching out and showcasing your gratitude where it’s due goes further to motivate staff and help reduce employee turnover than many leaders might have first thought. In fact, organisations with a recognition programme have shown to lower voluntary turnover by 31% over those with ineffective recognition programmes2.
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Meaningful Employee Rewards
From extra days off to gift cards and other retail gifts, employee rewards come in many shapes and forms. But the most important factor to take into consideration is the effect rewards have on their recipients. With that in mind, there’s no better way to display appreciation than by showing you care with a sincere, personal touch.
Rather than giving them more ‘stuff’, reward your people with an experience they can live out and turn into cherished memories. Whether it’s a day out with their family, or perhaps a chance to clear their mind with a tranquil short break in the country, make them feel counted and cared for with a gift that says ‘thank you’ in the perfect way.
Why Employee Recognition Is Important
Employee recognition is the foundation of any good workplace, and those with a robust recognition scheme in place see increased efficiency levels – 14% more than those without, in fact3. Employees are also more effective, creative and display greater loyalty to their managers. In turn, a higher level of morale inspires and motivates people to work harder when great work doesn’t go unnoticed.
Leaders that disregard or don’t understand the significance of employee recognition open themselves up to a whole host of complications. From interviewing, advertising, paying agencies and training costs, recruiting overheads can quickly escalate when retention drops as a result of dissatisfaction. It’s more than just money at stake too. It takes on average three months for a recruit to equal the efficiency output of their peers. But most worrying of all is the effect on morale in the workplace and the impact it can have on staff wellbeing.
Why You Should Implement a Reward and Recognition Programme
A highly engaged and motivated workforce is essential for any organisation to operate efficiently, and a structured employee recognition programme is integral to that.
- 88% of employees agree employers should reward great work4
- $7 trillion is lost each year worldwide due to a lack of workforce motivation5
- Half of all employees would leave a company that didn’t praise them enough6
- 65% of people prefer non-cash rewards at work7
- 7 days: the frequency at which it’s recommended to recognise staff8
Ways to Implement a Successful Recognition Culture into Your Business
Peer-to-peer recognition
Instil a culture of gratitude.
Constructive feedback
Find out what’s working, what isn’t and identify opportunities for improvement.
Align Business Goals
Provide frequent, genuine acknowledgement that’s specific to individual aims and objectives.
A reward and recognition roadmap
Implement a robust, personalised reward and recognition business solution.
Give praise often
Highlight achievements in meetings, catch-ups, company updates and more!
Share with the world
Celebrate rewards and recognition across your social media channels.
What We Do and How We Can Help
Red Letter Days Corporate provides an end-to-end gifting solution that’s tailor-made with you and your employees in mind. We’re here to collaboratively work towards your business goals with aligned rewards that incentivise staff and help boost levels of productivity across your workforce.
Browse over 4,500 imaginative, indulgent and adventurous experiences across a fully managed employee recognition platform, branded to your requirements with bespoke packaging, insert sheets and more. Packed with experiences fit for every reward, no matter how big or small, enhance employee engagement and reimagine your workforce potential by taking care of your most valuable asset. Because people matter.
Sources
1, 2. Officevibe, 2016
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3. Bersin by Deloitte, 2017
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4, 7. Engagement Trends, 2018
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5. Consultancy United Kingdom, 2018
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6. Reward Gateway, 2016
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8. Gallup, 2006
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