Our BLog Will Inspire You
We can all guess what happens after the show when Oscar winners forget to thank their significant others on the big night (Cue the Jaws soundtrack). Everyone likes to feel appreciated, after all, and gets a little great white shark-y when their contributions aren’t recognized.
As successful companies know, the workplace equivalent of “I’d like to thank the Academy” is an employee recognition program. It’s sort of like an Oscar sweep, because employees who feel valued are also more engaged and perform at a superior level, which is good for the bottom line.
Recognition doesn’t have to involve a gold statuette, however. The key is showing appreciation in a way that demonstrates you understand the person. While one employee may be dazzled by the glitz of a public award, another may love a branded computer bag or a personalized King’s Pad.
Whatever the vehicle, the ultimate goal of recognition is fostering engagement by telling employees, “We like you, we really like you,” and “We couldn’t do it without ya,” in a way that is meaningful to them.
Handle recognition correctly and, who knows, you may wind up with a staff studded with the corporate equivalent of Meryl Streep. Who, it must be said, never fails to thank her husband.
Did You Know: The Society of Human Resource Management reports management’s recognition of employees’ performance through praise, awards and incentives is a cost-effective way of increasing employee morale, productivity and competitiveness. The lack of recognition can cost a company anywhere from 30% to 400% of an employee’s annual salary in turnover costs depending on whether the position is entry-level or highly specialized.