According to research by Bersin & Associates, organizations that give thanks to their employees perform above and beyond those that don’t. In fact, companies that have built a recognition-focused culture show 31% lower voluntary turnover rates. That is huge! If you’re looking to reduce turnover instigated by your valuable employees, I highly suggest giving your employees the recognition they deserve.
- Award specific behaviors – Tailor the awards you give to the specific successes of your employees. If you have an employee that practiced patience in the midst of a crisis, create an award that recognizes their outstanding performance. The typical “employee of the month” award is a nice gesture, but taking the time to personalize recognition is more meaningful.
- Peer to peer – Allowing your employees to recognize other co-workers with awards is a great way to ensure they feel valued. Your employees know about the small achievements their peers have made and by giving them the opportunity to recognize each other, you are building and strengthening relationships within the office.
- Share success stories – Don’t make the mistake of just calling out names and handing out certificates. If you’re going to hold an award ceremony, go all out. Share the success story of the employee you are awarding and allow them to give a thank you speech. It will make the night much more entertaining and the personal touches will make them feel appreciated.
- Tie to company values – When possible, focus on tying awards to your company’s mission and core values. At Far West Capital, we have quarterly Far West Five awards where we recognize a team member who exemplifies each of our five core values.
How do you recognize your awesome team? Leave us a comment below.