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Benefits of Employee Recognition Programs
If you knew you could increase your profit margin returns by as much as 58% just by instituting employee recognition programs, wouldn’t you do it?*
Although everyone wants to improve their bottom line, not everyone knows how to start employee recognition programs in New York. Some employers don’t know what elements to include in these programs.
In simplest terms, employee recognition programs allow employers and coworkers to acknowledge the efforts of one another, especially when it comes to meeting business or organizational goals. These programs often promote the use of immediate recognition that is thoughtful and sincere. Many programs use a combination of public praise and rewards.
Besides potentially increasing profit margins, employee recognition programs can also have a significant impact on hiring practices, retention, and the overall professional success of the company. Therefore, companies who are looking to minimize turnover, improve employee morale, and increase productivity should consider implementing recognition programs immediately.
In NYC, some business owners or organizational stakeholders may not know where to start with employee recognition programs. Fortunately, Hureco Maverick is here to help employers. Before starting any program, you should consider how these recognition programs can benefit your organization.
Develop Loyal Employees
Recognition programs encourage employees to engage with coworkers and to contribute to important decisions that affect the entire organization. In 2012, research showed that organizations with effective recognition programs experienced a decrease in voluntary turnover by 31%.** This research indicates that employees who feel like their opinions matter are more likely to stay loyal to an organization. Furthermore, instituting these programs makes it easier for employers to retain top talent.
Improve Peer Support
Although employees want recognition from their bosses, receiving respect from peers can also play a key factor in job satisfaction. In fact, a survey conducted in 2012 showed a remarkable improvement on overall financial results of 35.7% at companies that encouraged peer recognition compared to companies that only used supervisor recognition tactics.* The researchers determined that employees who felt supported by team members were more productive, which accounts for the improved financial results.
Enhance Customer Relations
Employees who feel appreciated and respected by their coworkers often experience less work-related stress. This decrease in stress may contribute to improved problem-solving capabilities, particularly with customers. Research from 2012 showed that over 40% of organizations who implemented peer recognition programs experienced higher percentages of overall customer satisfaction.*
Let Hureco Maverick Help
These statistics prove that organizations who want to motivate employees need to start out with employee recognition programs that include teambuilding exercises. Starting effective programs can be tricky, though, but Hureco Maverick is ready to help your company increase employee engagement through Blue Denim HR’s™ programs.
These programs are designed to help your team members bond on a professional level. We emphasize teambuilding through having employees complete fun and challenging games. We promote communication through role-playing activities. Finally, we teach your employees how to acknowledge each other’s efforts by using constructive and supportive language.
What makes the Blue Denim HR’s™ program even more impressive is the fact that it’s so customizable. Regardless of your industry or the size of your business, our specialists can help you utilize this program to meet your company’s goals. Our staff is trained to run teambuilding exercises on site, but we can also help you plan company retreats as well. After all, sometimes you need to get out of the office before you can really connect with your team members.
Positively recognizing your employees will start a ripple effect that can improve every aspect of your business. Let Hureco Maverick show you how to implement your own employee recognition program today. New York business owners can call our specialists or visit our website for more details.
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*SHRM/Globoforce Employee Recognition Survey, 2012 (http://www.globoforce.com/news/press-releases-archive/shrmgloboforce-survey-reveals-growing-impact-of-recognition-programs-on-performance-management/).
**Bersin by Deloitte, 2012 (https://www.bersin.com/News/Content.aspx?id=15543).
About the author
Tamsin is a senior manager at Hureco Maverick; she is also a coffee lover, cruciverbalist, altruist, and advocate for corporate social responsibility and volunteerism.