We think outside the box. An employee award doesn't have to be just another plaque to hang on the wall. Give your valued employees something that will make them feel special. Recognition can change employee behavior and help attract and retain good talent and customer loyalty.
Rewarding employees is an essential management tool to stay competitive in the marketplace. As a decision maker in your organization, do not ignore these facts as you consider employee recognition as a strategic management tool to achieve your business objectives.
Here's what research tells us:
- When asked what leaders could do more of to improve engagement, 58% of respondents replied “Give recognition.”
- When companies spend 1% or more of payroll on recognition, 85% see a positive impact on engagement.
- Praise and commendation from managers was rated the top motivator for performance, beating out other noncash and financial incentives, by 67% of workers.
- Recognizing employee performance increases engagement by almost 60%.
- Companies with strategic recognition reported an employee turnover rate that is 23% lower than retention at companies without any recognition program.