There is fierce competition among companies to attract and retain the best talent. Companies work hard to find and retain top talent, using human resource’s best practices to persuade talents to accept their offer.
Once top talent accepts the offer, the work is far from over. A company has to work harder to make sure their best performers are happy, loyal, and productive. This is where employee retention programs come in.
Why Employee Recognition Retains Top Talent
Gallup’s 2017 State of the American Workplace report discovered an increase in employed adults in the country searching for new jobs. From 19% in 2012, the number increased to 51% in 2017.
One of the common reasons why employees leave an organization is because of the lack of recognition. Gallup discovered that the most talented employees leave more quickly than other disengaged employees.
A different study by Gallup discovered that 65% of employees hadn’t received any form of recognition for their efforts in the last year.
What Makes an Effective Employee Recognition Program
To retain, motivate, and engage top talent, your organization must have an effective employee recognition program. The recognition must be authentic, honest, and personalized.
Here are some ideas you can use in creating an employee recognition program:
#1: Public Recognition
Public recognition involves letting your whole team — maybe even your stakeholders — know of an employee’s contributions to the organizations. You can:
- Organize a party in their honor
- Post a shoutout on social media
- Feature your employee in the company newsletter
#2: Private Recognition
Individual recognition goes a long way toward boosting an employee’s morale and making them more productive. Encourage managers to praise and thank their staff for a job well done. Have the CEO thank the employee in a video message.
You can also send a gift to your employee’s home address. Aside from your organization’s merchandise, throw in a bouquet, chocolates, or a custom commemorative coin.
Promoting or increasing the employee’s scope of work not only recognizes their hard work. It also shows how much you trust the person to take on more responsibilities to make the organization grow.
Aside from rewarding an employee with promotion, you can show recognition by:
- Offering them to represent your organization at an event
- Asking for their input on company business issues
- Asking them to work on a special project beyond their responsibilities
- Inviting them to join a top executive meeting
#4: Tangible Rewards
Naturally, pay increases can motivate and make employees feel recognized for their hard work. Other tangible rewards you can give are:
- Small bonuses
- A company-sponsored vacation
- Tickets to an exclusive event
Creating the Best Recognition Program for Your Organization
The program you’ll put in place will depend on your budget, the number of your employees, and company values. There is no one-size-fits-all method, and you have to tweak your program with your employees’ needs and wants.
Talk to your employees and ask them how they want to be recognized. List down employee recognition programs and have them vote on their favorites. You can also ask them for suggestions. ;
Employees want not only good pay and benefits but also recognition for their contribution to the organization. With an authentic, honest, and personalized employee recognition program, you can thank, motivate, and retain your top talent.