The feeling that you are not only doing your job well, but that others are noticing, is irreplaceable. It breeds engagement and excitement for what you do, and it motivates you to try harder and perform better.
Imagine if everyone inside your organisation felt that same level of excitement? What would that do to your overall bottom line? Studies and research have shown that regular, consistent and sincere recognition can have a HUGE impact on the corporate bottom line, and it doesn’t just impact productivity. Recognising the talent in your workforce creates loyalty, drive and ambition.
So, not only will your employees work towards their full potential, they are also 70% less likely to leave the organisation. Just imagine what a reduction in staff turnover and increase in loyalty would mean for your business.
Retaining top talent is critical for any organisation. Not only is it costly to recruit, hire and train the new employees, but there are many factors of this process that impact the relevant department and even the entire company. The employees left behind when a top performer leaves are often disenchanted with the organisation as well, and after all they’ve heard from the employee that has left, their morale could well be lower with the extra workload pushing productivity lower.
Although we should have a solid plan of action for when someone leaves the company, it is often not the case. Human Resource Managers have to not only replace the staff member that has moved on, but they also need to work hard to repair the damage that the employee’s leaving has done to the team.
This is where a strategic business decision to implement a staff engagement and recognition program, focused on corporate values, cost saving initiatives and performance “above and beyond” can have a dramatic impact. Some statistics to think about when deciding to implement an official recognition program to improve engagement and passion include:
Recognition is reported to boost productivity by as much as 22%
Increased productivity can raise profitability by around 21%
Efficient employees are more careful and have fewer on-the-job-accidents (48% less to be exact)
Happy employees create happy customers
Engaged employees stay in their jobs longer
All of these factors can have a major impact on the bottom line, affecting everything from staff turn-over costs to profit margins and shrinkages. The most impressive of all of these facts is that implementing a successful recognition and rewards program can cost less than 1% of an organisations salary overheads. In reality, if implemented correctly, the return on investment should far outweigh the cost.
When thinking about your staff recognition program, don’t just think of a points based solution and rewards which the traditional programs deliver. A non-points based social recognition that delivers emails or texts of congratulation and utilises emoticons and images can be a cost effective solution that motivates your team. This is also a great way to allow peers to recognise their colleagues for employee of the quarter or year while keeping costs to a minimum.
Recognising and rewarding your employees in meaningful terms is not only affordable, it’s also a cost saving to the company in the long run and can be easily justified, often based on reduced staff turnover costs and increased HR productivity alone.
Brownie Points is a multi-award winning software platform delivering solutions to organisations looking for a recognition software solution to motivate and engage staff.
To learn more, or to arrange a no obligation demonstration call the team today on 03 9909 75411 or email us at firstname.lastname@example.org