Have you ever wondered how your business can increase profits, decrease expenses and keep your employee turnover to a minimum? These are the goals of any business, no matter what industry, niche or location you’re in. Would it surprise you to know that the answer lies in how you treat your employees? Yup, just a few simple tweaks in how you interact and compensate your employees can make a world of difference in your bottom line, and ultimately, the success of your company.
Recognizing your employees for their efforts is an important factor in helping make your company a success. From trophies and certificates, to a simple shout-out in a staff meeting, your appreciation for their contributions is sure to create a win-win for both you and them. Here are just a few reasons you should recognize your employees for their hard work:
· Less turnover: If your workers feel they are being fairly compensated and recognized they will be much less likely to keep their resumes updated or scan the want-ads for new opportunities. They will be content right where they are and seek new opportunities within your organization.
· Less money spent on training: When you’re not constantly on the lookout for new talent and hiring new employees, you won’t have to spend money and resources on training new people on a regular basis. This puts a strain on the entire organization and can result in an environment that is less than ideal (i.e. reduced morale).
· Less money spent on advertising for new employees: Even with online resources like Monster and Indeed, advertising for new employees costs money and time. If you’re going to spend money, it should be on things like product development. You’ll also spend a lot of time sifting through resumes, setting up interviews, etc. There is also a risk of hiring an employee that isn’t a good fit for the job. This can cause a whole new set of headaches. Generally speaking, you want to invest in the employees you already have, which can cut down on the need for HR staff, another money saver.
· More loyalty from your staff: At the end of the day, your employees will enjoy their work, they’ll be content working for your organization, and essentially, they will become loyal workers. You’ll have less sick days to contend with, less turnover, and a higher quality of work overall. Doesn’t that sound like a recipe for success?
How to recognize staff for their achievements and hard work
So how do you reward your staff for all of that loyalty and hard work? There are several options:
· Recognition in meetings: Did you get a new client thanks to an employee’s creative proposal? Say so at your next staff meeting! A quick – ‘hey, thanks for all of your hard work, we landed that new client!” is sure to make them feel appreciated.
· Certificates: Did an employee go above and beyond? Hold monthly ‘employee of the month’ contests, and reward them with a certificate they can hang up on their office or cubicle wall.
· Trophies: Did your sales team hit it out of the park last month? Did you enjoy a surge in sales and profits? Reward your team with custom trophies to let them know you’ve noticed their efforts!
· Get creative: Try gift certificates to local stores or restaurants; get creative with your rewards; you can create monthly contests or challenges for your teams.
Make it a surprise so they won’t know what they’re getting until they win. Escape rooms are becoming quite popular, as are mystery dinners. Make it fun and exciting; you’ll experience a whole new level of success.