Attracting and retaining top employees is absolutely critical for any business these days.
In fact, according to Gallup, replacing an employee can cost anywhere from one-half to two times the employees salary!
So how do you do retain top talent in a cost-effective manner?
Recognition from colleagues and supervisors is often cited as one of the top indicators of job satisfaction – and it’s a lot cheaper than a salary increase or extra vacation time (although these are types of recognition as well).
It’s simple: employees want their hard work to be noticed.
So, where do you start?
Here are a few types of employee recognition that are guaranteed to boost employee morale and ultimately employee retention.
1. Provide a recognition award
Perhaps the simplest and most effective way of showing your gratitude is to give your employee a recognition award!
Whether it’s for their years of service, crushing their sales quota, or just going above and beyond on a project – recognition products go a long way in improving employee satisfaction and performance.
2. Write a handwritten note
When was the last time you received a handwritten note? Skip the email and genuinely express your gratitude for the employee’s contributions.
This simple gesture stating how valuable your employee is to the firm is sure to be remembered.
3. Go out to lunch
The act of setting an hour or two to step away from the office goes a long the way.
If you are in management, you can also use this time to ask your employee about any concerns they have or just get to know them better.
4. Broadcast your praise
A company newsletter is an effective and inexpensive way to spread news and mention employees or notable work.
Always identify small accomplishments as well so you can reward staff at every level.
5. Assign unique tasks
There are always short term projects that need to be completed outside the realm of job duties.
But when these come up, employees may express interest at first, but few will actually step up to the plate.
Assigning this task with words of past accomplishments can signal that this particular employee was hand selected by you to get the job done.
6. Bring on the fun
A company outing is a casual way to bring everyone together. It should be a setting outside of the office and provide a time for all different departments to mingle.
To kick off or end the meeting, say some words about top performing departments or individuals.
Keep it short and sweet so as not to detract from the overall objective of the meeting, which is to foster inclusion across all departments.
7. Host an annual award event
As mentioned earlier, large corporations and government agencies often carefully plan an annual award event to really recognize key staff.
Performance can be monitored monthly and the annual event is a culmination of all that has happened throughout the year.
An aspect of an annual event that cannot be overlooked is recognition from peers. It’s not just management that should be recognizing the work.
Organizations often take this time to brainstorm and strategize for the following year since the entire staff is together at once.
Employee recognition does not have to be a large-scale implementation. There are ways to reward at every level and within every budget. Acknowledging that recognition should be part of your corporate culture is the first step!