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BUSINESS

Why is employee reward and recognition so important?

Why is employee reward and recognition so important? 41

Recognising and rewarding the achievements of your employees can have a tangible effect on the success of a business. Studies have shown that personal recognition can encourage employees to work harder and better. One of the best ways to reward employees is by implementing a reward and recognition programme. An effective programme that regularly rewards employees for their achievements can provide a number of benefits that can keep your employees happy and your business in good health. Here are some of the reasons why you should reward your employees.

Increase employee motivation

Offering employee rewards and recognition is a good way to increase the motivation of your workers. An effective reward programme can encourage more collaboration and teamwork, helping to build strong relationships, and regular rewards for good work will motivate your employees to carry on that work.

Improve employee retention

Employees who feel valued by their workplace are more likely to stay with your company. A study of HR professionals showed that a majority believed that their reward and recognition programmes had a significant impact on boosting employee retention. A healthy employee retention rate is important for any business, providing a boost in productivity and finances and aiding the long-term success of your company.

Build a healthy company culture

Having a healthy and positive company culture, wherein every employee feels like a valued member of the team, is a sure-fire way to build a successful business. A team of happy, motivated employees will improve your business’s productivity immensely. Utilising a reward and recognition programme will improve a number of factors such as engagement, collaboration, job satisfaction and motivation, making your business a great place to work.

Improve recruitment efforts

Regularly rewarding your employees is not only good for increasing retention, but it can also help you stand out to potential recruits. Regardless of the industry your business operates in, there will likely be a range of competitors looking to attract the best and brightest workers. By offering regular rewards and building a healthy and happy company culture, you can make your business stand out in a crowded field, giving you the edge when recruiting new employees.

It can be cost-effective

Rewards offered to employees can come in the form of monetary prizes, such as gift cards or vouchers. However, when it comes to rewarding employees, the gesture is often more important than the actual reward. Simply acknowledging the good work done by the employee can boost morale, so you don’t have to break the bank when offering rewards. Effective non-monetary rewards include flexible working hours, extended breaks and allowing workers time to work on personal projects. A well-thought-out rewards programme has the potential to significantly improve your employees’ productivity and happiness without costing you a lot of money.

Conclusion

Rewarding your employees is a key part of building and maintaining a successful business. Recognition of your employees’ efforts can encourage your team to work harder, improve relationships and stay with your company for a long time. It can be a cost-effective way to improve your business’s output and help you stand out amongst your competitors.

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