Why is employee recognition so important? For starters, receiving limited or no recognition and/or praise is the number one reason people leave jobs. 79% of people quit their jobs citing ‘lack of appreciation’ for their reason for leaving. Also, 70% of employees say that their morale and motivation would improve dramatically if their managers simply expressed a ‘thank you’ more often. Gone are the days of managers who felt a ‘thank you,’ was not needed—as employees were merely doing what they were being compensated for. Today, managers and organizations that outshine their competitors and enjoy a healthier bottom line in the way of profits and productivity now realize: ‘What really matters in the workplace is helping employees feel appreciated.’ Getting a formula right for that allows all of the other components of business to come together in a more collaborative, effortless and synergistic way.
While there may be a special day of the year set aside for employee recognition, the truth is, employee recognition knows no calendar. It should always be an important part of your overall company culture. Here are a few reasons why:
• Recognized Employees Are Happier Employees: When organizations take the time to show employees that you appreciate their efforts and recognize their outstanding performance, you encourage them to maintain and even increase their level of showmanship, as well as encourage their colleagues to join them in delivering superb customer service and performance. Employees are proud to share their achievements with family members and friends, who also celebrate their different levels of recognized success.
• Employees Who Are Recognized Stick Around: This one is easy math—it simply costs to recruit, interview and hire new personnel. The time and financial costs required for doing so varies from business to business, but consider on average, new hires cost approximately $4,129 and as many as 42 days on average in lost or compromised productivity. And when calculating the cost of decreased productivity, don’t forget to consider the time and energy resources required for the employee tasked with training the newbie and getting him or her up to speed. The result? A single person leaving your organization means an entire network of organizational impacts.
How do organizations turn the ‘high turn-over’ problem around? One way is to begin to incorporate some form of employee recognition year-round.
Lane Award has many ways to assist businesses in doing just that. We are able to develop custom tailored recognition products and programs that truly motivate employees. Lane Award is a full-service provider of unique, quality awards and promotional products tailored to your company’s budget, style and brand. We manufacture quality products that are designed to produce results. Results in the form of higher productivity and greater customer satisfaction—giving our customers a positive competitive edge in the marketplace.
With our unique array of high-quality awards and corporate gifts that are personalized for each recipient, our team truly has what it takes to help you and your company reap the boundless benefits of exceptionally effective employee recognition.
Contact Lane Award today to get started!