It is not an overstatement to say that employees are the most important part of any business. They put in their work and skills to make the products and services that the business provides to its customers and also interacts with customers to keep them loyal to the company.
The way you treat your employees greatly determines how much effort they put into making the best products, how they handle your clients and the loyalty the feel towards the business. It then goes without saying that it’s the employees who are responsible for the business’ revenue and profits.
Recognizing your employees
Employees need to feel recognized and appreciated for all the work they do for the business. Not that you should be dishing rewards to everyone but you should have a clear structure to recognize performance and dedication to duty.
The goal is to motivate your employees to strive to give their best to the business and the rewards should be seen to be fair and deserved to those who receive them.
It can be in form of monetary compensation to match the salaries at Highersalary.Com if your company can afford that but there are also other ways to reward exemplary performance that doesn’t involve pay raises like promotions, awards, opportunities for professional development, and performance bonuses.
Why you need to do it
There are many benefits for recognizing and rewarding your employees including;
Your employees will stay with your longer if they feel appreciated for the work they do for the company. It’s cheaper to recognize and reward your employees for their hard work than underappreciate them and see them leave for your competitors. Employee retention is definitely cheaper than a recruitment process which doesn’t guaranteed that you will find a suitable replacement.
Moreover, high employee turnover disrupts service delivery which affects your ability to meet customer expectations and demands.
If your organization is like most companies, then you set targets for your employees to meet every within specific durations. Targets help give your employees a clear idea indices upon which their performances are evaluated and also keeps them focused.
While failure to meet targets often attract certain punitive actions from the management, exceeding the targets seldom get recognition and this kills the morale of your staff.
You need to change this. Rewarding employees who do well in their performance review keeps the morale among your staff high since there motivation to work harder.
You attract top talent
In these days of company reviews, the reputation of your company helps attract the best talents in the labour market to your business.
Employees can now anonymously give their take on the work environment, compensation package, management and the rewards and recognition aspects of your company and this affects how potential employees perceive your company.
Happy employees lead into happy customers and this leads to customer satisfaction. Happy customers recommend your business to their networks resulting into a bigger customer base without you having spent a single penny on marketing.