For most, it conjures up images of bright white beaches and piña coladas. The wilder (or just older) ones amongst us might associate it with the boogie-woogie life of Rock & Roll.
But HR folk are now throwing another hot meaning to the acronym into the mix. Rewards & Recognition. Glamorous, huh? Hear us out.
How many times have you been told that employees are your business’s most valuable asset? They’re the wood in your fire, the fuel in your rocket, the gin in your tonic, if you like.
And how often have you heard that by rewarding and recognising your team’s hard work, you empower them with the psychological drive to perform at their best? It’s not hot gossip, it’s common business sense.
But have you ever understood exactly why?
The world of reward and recognition is a confusing one. But we’ve got our heads around it, we think, and we’re here to help. So here goes:
Our top 5 reasons to reward your team.
Recognition is consistently a ‘top engagement driver’. In other words, showing your employees you’re grateful for their hard work has an immediate positive impact, boosting employee engagement by almost 60%. It’s an easy win!
Peer-to-peer recognition is also gaining some serious momentum. A high-five or a gold star from a teammate can work wonders for team morale and – ultimately – boost your bottom line.
Organisations that give regular thanks to their employees outperform those who don't by 14%.
Fact: The #1 reason people leave their jobs is a lack of recognition. As the labour market tightens, you’ll need to take a good hard look at retention measures, particularly amongst millennials – the ‘job hopping’ generation. By harnessing the motivational power of recognition, you could lower voluntary turnover rates by 31%. It’s the perfect way to make sure your office superstars don’t move onto bigger and better things.
Think ‘recognition’ is soft and fluffy? Think again. Positive feedback motivates employees to perform at their best and to evolve into the best versions of themselves.
It’s simple. Organisations that give regular thanks to their employees outperform those who don’t by 14%.
I reward you, and you reward me back. Then I reward you again, because you rewarded me. See where we’re going here? The domino effect of peer-to-peer recognition creates a positive vibe in the office, uniting team members and reminding them that they are all working towards one common goal. We’re all about the positive vibes, and you should be too.
Employees are your brand ambassadors both online and offline. They are the face of your company in the big bad world, where reputation is everything and where rumours spread fast. By learning how each individual team member ticks, you can tailor your recognition programs. Before you know it, you’ll have a passionate team of spokespeople, ready to spread the word about your business.
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