We write a lot about utilizing gift cards for employee recognition in this space because frankly they're a great way to recognize your employees for great work on a limited budget. But all of our effort to convince you is for naught if employee recognition programs are not implemented correctly within your organization.
Here's the concern,
- According to a study done by Deloitte, 70% of employees are only recognized annually or not at all.
- Another study by Gallup indicates that employees who are not recognized are three times more likely to quit in the next year than employees who are recognized at work for a job well done.
So what's the problem? It takes no time to say thank you. It can cost whatever your budget affords to implement a small employee rewards program. Some may argue that giving physical rewards puts a monetary sum on an employee action. However, pairing employee recognition with these physical rewards provides emotional and professional development support, while providing tangible rewards and gratification to employees.
Now, the good news,
- Managers who do recognize employees raise engagement at work by 60%.
- Organizations with employee rewards programs are twelve times more likely to have strong business results.
- Recognition programs can lower voluntary turnover rates by as much as 31%.
It seems like a bit of a no-brainer, right? To learn more about employee rewards and employee recognition check out Business2Community
here.