As this year winds down, your company might be looking for a way to recognize your top producers, whether they are in sales, administration or production. You may have even considered giving cash rewards. It is true that people appreciate cash. However, from the company’s perspective, cash has no memorable long-term benefit with your employees. Employees will soon forget their achievement, as the money will be used to pay bills, purchase family and/or household items and for personal gratification. On the other hand, receiving jewelry (watch, ring, etc.), a high quality plaque or a glass award is something the employee will cherish and which serves as a constant reminder of their hard-earned achievement!
A recent World at Work-study discovered that 85% to 95% of all company incentive programs reach or exceed their goals! A key asset for any company is their employees. Competition is keen today for this very important asset. As a result, an organization, in order to stay competitive, absolutely needs to make employees feel valued.
Studies have shown that companies that offer recognition programs out perform their competition, increase employee loyalty and are more highly thought of in the community. Awards & Recognition are increasingly important in today’s business environment and competition for the best workers is intense. At the same time, the importance of human resources is paramount – a company needs to obtain extraordinary results from ordinary people. Yet another factor is the attitude among today’s employees, who value job satisfaction over most other criteria.
An Awards and Recognition program is not just for key performers. It also sets a benchmark for the other associates as to what gets noticed. People, as a rule, possess a competitive nature and do not want to be viewed in a negative light by their peers.
Here are the key attributes to an Awards and Recognition program:
- Reinforce company goals
- Helps strengthen the company’s brand
- Helps improve employee loyalty
- Encourages personal achievement
- Rewards performance
- Increases productivity
- Builds self-esteem and motivation
- Builds a sense of accomplishment
- Most importantly…it says, “thank-you!” For a job well done!
More facts about awards and recognition:
- Companies that incentivize employees are 44% more likely to have above average profits
- 47% of employee recognition gifts are company logo merchandise
- Companies spend $46 billion dollars on recognition programs each year
Contact your Bankers Promotional Consultant, who can help you create a successful awards and recognition program from start to finish! Browse ideas here.
SOURCES:
http://www.incentivemag.com/Strategy/Engagement/The-Power-of-Perks, March 2013
https://www.bersin.com/News/Content.aspx?id=15543, June 2012
http://www.worldatwork.org/adimLink?id=72689, June 2013