Your employees are your most important business assets, so it’s important to hang on to that talent as long as you can. So, once you have started building a strong team, how can you keep those employees in your company?
Corporate Rewards show how promotions and pay rises are the obvious factors that can help. But employee recognition – the simple process of showing you recognise and appreciate you staff – can go a long way in helping too.
Benefits of keeping staff in your company
There are many benefits to keeping your employees in your business for longer. Amongst other things, you can:
- Cut down on recruitment and training costs
- Help maintain your client relationships
- Develop a strong workforce you can rely on
A big part of keeping your staff comes down to keeping them happy and engaged. This isn’t just about them enjoying the work they do. It can come from simply recognising and rewarding that work. And this is where employee recognition can help.
The importance of employee recognition in business
Employee recognition is basically the positive acknowledgement of an employee’s hard work and good performance.
It can range from a simple thank you by email to a large prize reward or trip to recognise a member of staff’s achievements. When done well, different types of employee recognition programmes can inspire your staff to work harder and boost their loyalty towards your business. In turn, this can provide an incentive for them to stay at your company to develop their career with you.
When it comes to keeping staff in your company, there are many ways to use employee recognition, from marking their long service to celebrating their company successes.
Rewarding long service
These awards can be presented to a member of staff when they hit a designated milestone, such as a one-year or five-year anniversary. Many people tend to think about changing jobs after three years, so recognising and rewarding an employee this way can show you value committed people, while emphasising your positon on loyalty.
These rewards don’t have to be costly. For instance, you could reward them with an extra day’s holiday. Alternatively, you get them to choose from a selection of prizes, like sports equipment or a gadget, depending on their interests.
Marking key dates
There are many dates that you also recognise to reward your staff. This can include their Birthdays, as well work anniversaries and Christmas. For instance, you could give them a day off on their Birthday, or provide a gift bag or voucher at Christmas time.
Identifying these dates can give your business operation a human touch, emphasising a personal interest in your staff. This can make them feel appreciated, while boosting their loyalty towards you over the long term.
Rewards for instant recognition
Rather than having staff wait for that year-end bonus, this allow employees to be rewarded instantly, so their hard work can be recognised as and when it happens.
Instant recognition can have immediate impact, which is much more effective than an annual reward, as it shows hard work is instantly recognised in your company. As a result, an employee can feel highly appreciated and more inclined to work harder for your business, knowing their efforts will be recognised time and time again.
Rewarding staff for company success
When your business does something well, like achieve a high sales performance or carry out a successful product launch, announcing the news can give staff a boost. But it can be even more effective to celebrate the success by rewarding those staff responsible – without whom the achievement wouldn’t have been possible.
This can also boost an employee’s longevity in your company because it can make them feel part of a larger, more powerful entity that has the potential to grow and develop. Examples of rewards could include a party or a pizza lunch. Or you could take your staff on an exciting memorable experience day. This can help to build an emotional bond between them and your business, as the memories will be forever linked with your company.
Keeping your best employees can be a huge benefit to your business, from maintaining high sales and client relationships to cutting recruitment and training costs. Employee recognition ideas, like these, don’t just help keep those individuals with you. They inspire them to work harder and achieve more for your company for many years to come.