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. 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. What’s more, employee awards are a lot cheaper when compared to benefits or increasing the employee’s salary.
Reason number 2. Because the employees of your company are striving to be the next top performer and earn recognition for his/her efforts, it is likely going to generate a healthy competition between them which will then increase your company’s overall productivity. 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. If you want your workforce to become 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, then consider implementing some employee appreciation ideas.
Reason number 4. Employers who give recognition to their employees make them more pleasant and happier at work.
Reason number 5. Having employee award ceremony can be the perfect opportunity for companies to be more unified in positive social setting. No matter if it is semi-annual or annual, your employee recognition ideas may be designed around this.
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.