We all like to feel appreciated for the work we're doing. Yet, many organizations miss the mark when it comes to recognizing their employees for a job well done. A 2022 Gallup and Workhuman1 study discovered that 81% of leaders say recognition isn't a priority for their organization. If you fail to praise your talented employees, don't be surprised when they look for work elsewhere.
You can avoid this dilemma by creating a rewards and recognition program that consistently gives your employees credit where credit's due. Acknowledging their achievements makes your employees feel valued at your organization. This builds brand loyalty and creates a positive company culture.
In this article, we'll explain why rewards and recognition programs are important, what they commonly consist of, and how you can offer one at your organization.
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Employers use rewards and recognition programs to commemorate employee achievements. With rewards, you celebrate your employees who go the extra mile with tangible gifts. With recognition, you celebrate an employee's outstanding performance with praise. Rather than choosing one or the other, a mix of both creates a successful rewards and recognition program that leads to higher employee engagement, satisfaction, motivation, and retention.
Survey data shows that investing in an employee rewards and recognition program pays off for your organization. Results from the 2022 Gallup and Workhuman study also found that when employee recognition hits the mark, 73% of employees are less likely to feel burned out and 56% less likely to look for new job opportunities.
To sum it up, happy employees are good for your business. They stick around and stay engaged at work.
Now, let's go over some of your options for rewards and recognition that can serve as powerful motivators for your team.
If you'd like to reward your employee for achieving a certain goal, reaching a milestone, or completing a difficult project, you can thank them in several ways.
Here are some of the tangible rewards you can offer:
Employees appreciate the praise they receive for their efforts. When you want to acknowledge your employee's stellar performance, you have plenty of thoughtful ideas to choose from.
Here are some employee recognition ideas:
Creating a culture of recognition means rewarding your deserving employees on a regular basis. A rewards and recognition program can work with organizations of all sizes. You'll want to base yours on company values, goals, and budget.
If you're interested in developing your own employee rewards and recognition program, here are five steps to follow:
You can also use employee recognition platforms or benefits administration software to simplify the process. With WorkPerks by PeopleKeep, you can offer your employees custom perks of any kind to reward them for their hard work. Our stipend administration platform allows business owners to provide custom benefits to better strengthen the employee experience.
For example, you can offer spot bonuses as a custom, one-time stipend. That stipend could be awarded to your employees as a reward for meeting specific goals, celebrating their anniversaries with your company, or recognizing team achievements.
You can also offer a stipend for gym memberships, wellness apps, mental health counseling, internet access, cell phone service, home office set-up, and more. This allows you to reimburse your employees for the expenses and activities that matter most to them.
When you recognize and reward an employee for their hard work, you let them know they're an important part of your company. Creating a culture of appreciation at your organization is the key to higher employee retention, satisfaction, and engagement.
From cash bonuses and unique experiences to thank-you notes and shout-outs on social media, you can show your appreciation to your employees in multiple ways. With a combination of praise and prizes, you can create a successful rewards and recognition program at your company.
1. Workhuman