We all see businesses tightening their belts. They are cutting back on staff gatherings, even scaling back the services offered within the office (such as fancy coffee machines and extraneous office supplies), but through these tough and uncertain times do not cut your employee recognition program! The formal recognition of positive employee behavior is essential to the success of your business and the satisfaction of your employees. According to research done by HospitalityNet employee job satisfaction decreases significantly as recognition programs are scaled back or eliminated. If you do not recognize your employees hard work, they will not recognize the positive parts of their participation in your company. Check out the staggering numbers in the table below, another fantastic piece of research from HospitalityNet:
This proves that you must recognize your employees, because during these uncertain economic times you want to be able to rely on your employees. Without them, your business cannot run and be successful, but with a happy, grateful workforce your company can grow and flourish, regardless of the economic climate. Recognition can be as big as a seasonal staff gathering, and as small as offering a gift card to a retailer an employee shops at frequently. Whatever it is, make sure your recognition programs do not get cut, it may put your business at significant risk.
For more information on the importance of employee recognition and the research from HospitalityNet click here.