The world of business is fast moving and ever changing. That is especially true when you are a business who has employees. We all know it’s hard to find good employees but we at MKS HR also know it’s equally as hard to retain those good employees once we find them.
There are many different strategies that can be used to retain your employees, and one of those ways is through recognition. Some companies out there even have a specific program solely dedicated to employee recognition. Now I know all businesses are not created equal and for those small and medium sized businesses, having a program that completely revolves around employee recognition is not just feasible.
However, your small business still needs to retain your employees just as the bigger businesses do. Right now, the number 1 reason why people leave their job is that they feel unappreciated. Employees with high job satisfaction are 12% more productive. Companies with a formal recognition plan have 31% less voluntary turnover. Don’t forget that peer-to-peer recognition has a greater positive impact on financial results than manager-only recognition. So what is a small business to do because sometimes it can be harder to set up a formal recognition program.
The above statistics show that there’s a lot of value in having some sort of a recognition program. Let’s explore ways that your small business can have a recognition program of your own.
Peer-to-peer Recognition – as the statistic above states the recognition an employee gets from a fellow co-worker can be more impactful then from their own boss. Creating a staff shout out board, as in the picture below, is an easy low-cost way for all your employees to recognize one another for their amazing efforts.
Recognize the small accomplishments – Sometimes we think that we need to praise someone for a job well done, over a really big thing. But what about the smaller, maybe everyday things? Don’t forget about those too, and what better way to show that, than in a team meeting, or an email to the employee and the rest of your team – or simply walking up to the employee and saying Thank-you one-on-one!
Gift Cards – We are not talking pre-paid VISA or Mastercard gift cards, but what about a small gift card to a local coffee shop after one of your employees puts in that extra effort in a hard week? It doesn’t have to be big-a $10 card would make their day!
Plan a Company potluck – This is a fun way to have your team get to know one another especially if you have a diverse employee base, and it’s a great break from work and everyone can share a meal together!
Ask your employees for THEIR input – What do they want to do? This gives them a level of control and also makes them feel like they are making a true contribution.
Employee Appreciation program – Have a points system rewarding good behaviour that they can cash in for small rewards, such as leaving early.
As you can see there are so many different ways to recognize your employees and all you have to do is put your thinking cap on to see what you AND your employees can come up with. The ideas are limitless.
As always if you have a question, schedule a call with MKS HR!