Your employees are your most important company assets. Any successful boss should know that working to retain good employees makes good business sense: it cuts recruitment and training costs; maintains client relationships; and ensures a workforce you can rely on. For all these reasons it’s important to encourage employees to stay with your business, by keeping them happy and engaged. Actively promoting employee recognition and loyalty within your workforce can also help your organisation to flourish.
One of the simplest approaches to achieving staff longevity is the implementation of an employee recognition scheme. From long-service awards to celebrating staff success, these programmes can be structured to uniquely suit your company and boost employee retention in numerous ways. This blog post lists some of the best employee recognition ideas to help keep your staff for longer.
Consider setting up these desirable employee recognition rewards, which can be presented to staff when they hit designated milestones, such as for one year, three years or five years. Research shows that people are inclined to change jobs after just three years, so recognising and rewarding long-stayers demonstrates their commitment to your workforce. It also advertises your company’s emphasis on loyalty.
Be mindful that these rewards are scalable and needn’t be costly. Perhaps start with an extra day’s holiday for a one-year milestone or give a certain number of points within a recognition programme, with higher value rewards for more years of service. The more milestone moments you promote, the more your employees are encouraged to remain within the business. For more information, read our blog post about the value of long-service rewards.
Key dates and milestones
There are all sorts of significant dates worth recognising to show your alignment with staff, from birthdays to work anniversaries to Christmas. Identifying and marking these dates demonstrates a more personal interest in your staff and can motivate appreciation and loyalty in return.
A straightforward way of marking these dates could be by awarding points within your employee recognition scheme. You could also encourage engagement with the programme by helping them to work towards a reward that they really want.
Instant points vouchers
These vouchers provide a way to reward employees instantly, so that hard work and performance can be recognised at the relevant moment, rather than them having to wait for a year-end bonus. Instant recognition can give immediate impact, which can also be much more effective than an annual reward. For instance, it can send a positive message and create an emotional bond between you and the employee, as they can feel highly appreciated and more inclined to work hard for your business.
When your company is doing well, whether that’s for a good sales performance, a product launch, or objectives being achieved, consider celebrating this success demonstratively. Show appreciation of your staff and their contribution to the success – without whom it would not have been possible. This sort of recognition can boost longevity because it makes individuals feel part of a larger entity that they’ll want to remain a part of.
Perhaps have a party or take staff out for an experience day – something they’ll remember, building memories and an emotional bond with your company. This can be much more impactful than a cash bonus that will probably be quickly used up and forgotten. Even inexpensive rewards, like a pizza party at lunchtime or a bottle of bubbly to toast a new client, can boost morale and enhance employee engagement.
When setting up a points-banking engagement platform to reward your employees, you should make sure you offer desirable rewards. Offering something they really want, like an experience or luxury item, is more likely to encourage them to work harder.
This approach can also boost longevity as rewards need to be worked towards over a lengthier period. As mentioned, it’s wise to steer clear of cash, as it can get swallowed up by day-to-day outgoings, losing all its motivational power. For more information about the benefits of rewards over cash, please read our blog post – why rewards are better employee incentives than money.
Recognition and reward schemes to retain your staff
Recognising and rewarding the efforts of your staff can encourage them to want to work and develop in your business for the long term. In turn, this can help you to reduce employee attrition and improve the longevity of your staff. At CR Worldwide, we provide simple and effective employee recognition programmes that can encourage your staff to see value in developing their roles within your business.