Is your company among the 25 percent that doesn't have an employee recognition program?
Or, is your company's recognition program not as effective as you would like it to be?
Regardless of whatever situation you're in, there is no doubt have an effective employee recognition program is a worthy undertaking.
In this article, we're going to discuss 5 reasons you should recognize or appreciate your employees through corporate awards.
Let's get to it!
1. Recognize Top-Performing Employees
Sure, you might have a robust recruitment strategy that gets you the best talent in the market, but that doesn't mean they all have equal abilities.
There will always be those who will outperform the rest. You need to acknowledge the efforts of these standout workers using corporate awards.
Recognizing your best employees not only spurs a greater motivation to achieve even greater heights, but also encourages other employees to work harder.
According to a survey conducted by Globoforce, 89 percent of surveyed employees said being acknowledged for performing well motivated them to work harder.
2. Improve Employee/Management Relations
Bad relations between employees and management is an age-old issue that has affected many workplaces.
If managers and junior employees don't agree on many issues, the company's performance will take a hit.
Giving company awards is a solid way to bring the management and employees together, and improve relations between them.
Managers should take award presentation events as an opportunity to establish closer inter-personal relationships with their workers.
3. Corporate Awards Help to Cultivate a Culture of Friendly Competition
Implemented ineffectively, employee recognition programs can promote fierce competition among employees.
This can happen when employers or managers treat award winners with greater admiration as compared to those who haven't won. This can negatively affect employee collaboration, because they want to outshine each other.
Done right, however, awards can help you create a culture in which friendly competition thrives.
To do this, you can let employees work in teams, so that the best team takes the award. Obviously, in such a setting team members will support each other, but compete with those in other teams.
4. Increase Employee Loyalty
In the modern workplace, employee loyalty is an expensive commodity.
Doesn't sound true? You'll be surprised to learn 60 percent of workers, especially millennials, are open to a new job!
Yet, if your company has low employee retention levels, its performance will go down, and it may even be unable to recruit the best talent.
The good news is giving company awards increases employee satisfaction. Satisfied employees are more likely to be loyal to your company.
5. Tax Advantages
Corporate awards cost money, but they can also help your company save money.
How? Through corporate tax deductions.
Yes, you can deduct the amount of money paid out to employees as awards. These payouts don't have to be in cash to qualify for deduction, though. If you give out a golden trophy to an employee, you can deduct the cost of the trophy from your annual corporate tax.
Now that you know what giving corporate awards can do to your company, it's time to hit the market and buy the best awards.