As incentives and benefits go, rewarding your employees is the best and highly effective technique to boost retention & employee satisfaction. As per the research, companies making use of incentive programs in form of awards plaques report a 79% of success rate in attaining their goals when the right reward gets offered. There are many companies implementing such types of reward programs and here are some reasons why!
It is known that the engaged staff is a bit more productive, working proactively and efficiently to do a great job. Suppose efforts are rewarded and praised, then this makes a little sense that the member of your staff can work much harder to get this employee recognition
2. Employees feel good when they get to know they are doing a great job
The well-designed work is one where your employee feels they are making the genuine difference to an organization that they are an important part of. As a part of that, employees would like to know that they are doing a very good job & want to get recognized for their hard work.
3. Develop favorable reputation
A good reputation is very important for a company, as it is linked to everything from the valuation of the market shares to future business prospects. Even Word-of-mouth promotion will be an important and inexpensive publicity stunt. Besides building improved communication & offering several benefits to the employees, the staff recognition program through awards plaques can help to get a word out about the company.
4. Improved Employee Morale
During the initial day of the job, each employee delivers the assigned duties with a lot of enthusiasm & confidence. But, after some days their confidence & level of dedication takes a strong hit because of their repetitive work cycle. Well, they may be performing their work even then however on watching very closely you will see the decline in performance levels.
But, this type of scenario will be mitigated easily with the implementation of the employee awards program in your organization. Whenever you appreciate any employees for their hard work and efforts then they feel very worthy. Also, knowing their work is helping the organization boost their morale.
5. Attract applicants
The periodical rewards and awards program isn’t only good for inspiring motivation in the workplace. It means a positive outlook for your organization too. A productive working environment can be built by happier employees that attract many people to join your organization. This gives you an opportunity of working with skilled and qualified people who are a valuable addition to your company.
6. The happiness of an employee
The happy & fulfilled employee will be motivated for performing better due to the positive feeling that they have towards your company.
Suppose any employer treats their staff with a lot of respect & gratitude, those staff members would like to do a good job as a favor. Such positivity will be felt over the business, creating a happy working environment, which people would like to be an important part of.