A recent SHRM study shows that employee recognition is not just a theory; it's a key part of any company culture-building exercise. Employee recognition is something that HR teams should be looking at as a retention strategy to reduce employee turnover year-over-year at their organization. Here are three ways to celebrate employee recognition:
Informal Recognition: Think of this as a low-key pat on the back. Let an employee know that they did a particularly good job running a meeting or completing a certain project. Informal recognition could also take the shape of peer recognition in a team meeting. Employee recognition doesn’t always have to come from the top.
Formal Recognition: Have a party, bring in bagels on a Friday morning, or do something for your employees that is deliberate and planned. Give employees something to look forward to and provide a perk for them. Going above and beyond in this case might be having a team or company picnic or barbeque and inviting employees’ families to partake in the reward.
Recognition Gifts: For some employees, experiences don’t compare to putting a physical gift in their hands. While briefcases and award crystals used to cut it, they don’t anymore. Give employees something they can use outside of work. Whether it is a gift card to have dinner with their family, or help absorb some of their grocery bill, or even a prepaid debit card which will put some all-purpose cash in their pockets.
So how do we know this stuff works? SHRM surveyed 800 HR leaders about their employee recognition programs and here were some of the results:
- 90% noted it positively impacted engagement
- 86% said it increased employee happiness
- 84% indicated it improved employee relationships
- 68% stated it helped employee retention
This study proves that it’s not a choice, celebrating employee recognition should be part of your plan if it’s not already.
