11th February 2020 By Maisie Budinger
Employee Appreciation: The Best Way To Enhance The Company’s Status
According to an HBR article, 7 out of 10 employees who received recognition stated that they are happy with their jobs. While only 39% of employees said they are satisfied without recognition. Employee recognition just requires some time and it costs negligible to the organisations.
In recent times, the corporate sector is getting bigger and better. The competition is very dense. Every company is trying to make more profits to get successful. To do so, the company needs good employees. Employees are an integral part of the organisation. Because of their hard work, the companies attain the success. Good employees are an asset to the company.
But as the competition is good. Every employee is always in need to earn more money, to get a better job position and to learn different things. So, the employees leave their jobs providing the below reasons:
Candidates leave their present job as they are tired of working in the same field. They need a change in their job profile. So they try to change their career path. It provides them great opportunity to work in a different field and to learn new aspects.
Some people have problems with the structure of the company. They aspire to work in a senior position. Sometimes they leave the company because they don’t have a dedicated section for the particular field.
Most common reason to change the job is better job prospects. As people get better salaries, they are lured by the other companies. Moreover, when the employee doesn’t get the required credit for the work, they leave the company.
Relationship with the reporting head
It is not necessary to befriend the boss, but the employees at least expect a relationship with the boss. The senior or a team lead plays a significant role in providing guidance and feedback to the employees. If the relationship is not healthy, it undermines the employee engagement, confidence and dedication.
Lack of recognition
Many employees place this as their top reason for quitting the job. A lack of recognition affects several factors, employee retention being the top. A genuine appreciation acts as an icing on the cake in the efforts of an employee. An employee will think twice before leaving an organization.
When an employee leaves a company, many problems are faced by the company. Some of the problems are listed below.
- Loses productivity
- Loses money
- Hiring a new capable candidate
- Training the new recruit
- Time-consuming process
From this, it looks like a company loses a lot of resources. So it is much better for the company to keep the employee engaged. Then what are the ways to make the employee stick with the company? One way is to give them the recognition they need. By providing the required recognition, it opens the door for the better company status.
To retain the employees, many multinational companies give creative and prestigious awards. The awards such as, top performer recognition award, customer service award, full attendance award, performer of the month award, etc. to make the employees happy and dedicated. Moreover, some awards are given for fun and to lighten the mood during the hectic work days like the office prankster award, the leaky headphone award, noisy typer award, etc. These awards really work in improving the work performance of an employee.
A recognised employee tends to stay with the company for a long time. Corporate awards also help in elevating the reputation by spreading the word of the awards in the industry.
Let’s have a look at the other causes of organising corporate awards:
It is the most crucial aspect of the employee's life. When the employees are not given credit for their work, they feel dissatisfied. They think that their company is not appreciating them very well. So they tend to leave the company. To stop that, companies have started giving valuable awards every year. “A person who feels appreciated will always do more than what is expected,” said Warren Buffett. This elicits the idea that more recognition the employees get, the more they work for the company.
When the employees from a company win an award, they not only make his company proud, but it also makes his/her colleagues proud. This increases the motivation among the peers. They work hard to get the award again. It also increases the team morale of the company.
Various team building activities are being played in the office to improve the team bonding. Consequently, they are more engaged in work than leaving it. It creates a positive environment for the organisation. Even the new recruits will be delighted to work in the organisation.
It is a great aspect of the corporate awards. As the employees of the company get recognised, they get more attention from the media and press. It provides them with free marketing. Hence, it increases the reputation of the company. They get more clients as they are reputed with trustworthy employees. The sales of the company increase as the consumer has known about the company through the news.
This is the best way to enrich your relationship with other companies. As most of the awards shows are judged by the CEO of the different companies or the industry experts, the employees get to learn a lot. They can learn new aspects and technology that's currently used in the business. They can even develop new relations with other companies to work in a synergy.
When the company starts to earn a reputation and goodwill in the industry, their market shares will also be impacted. Other companies would be interested to work with the organisation. The venture capitals are also willing to invest more in the company. Increase in the market share will automatically have an impact on the profits.
It is really a good quote, ”Happy employees is equal to a happy customer”. When the environment of the company is happy, it also impacts the employee's mood. This sends the positive vibe to the customers. Customer service work 24*7 to provide the best service. More happy customer means brand loyalty. This enhances the business stature.
Evaluate Business Model
Conducting corporate awards is the best opportunity to look at the business model. It is the best time to evaluate the business model to find the flaws in it so that you stay ahead of your competition. Evaluation of various aspects is done such as diversity, customer service, growth, strategic planning, etc. Winning awards add values for the work done to the organisation.
When an award is won by the company, the reputation is skyrocketed. They can promote your company to the job seekers as an award-winning company. This gives them an edge during their hiring and retention process. You may end up hiring a perfect employee. This not only helps the company but also helps the job seeker to showcase the award-winning company in its resume.
It has been observed that several companies do not take advantage of the corporate awards. The awards also complement the marketing efforts of an organisation, leading to sales growth.
The best method to reward the employees is:
- Appreciate the employee by name.
- Specify what the employee has achieved. It is important because it encourages the desired behaviour from the employee.
- Describe how the employee dedication felt to the management.
- List out the value the employee added to the organisation
- Appreciate the employee again with an ending note and wish him/her to achieve more in the coming year.
To wrap up, let’s rewind and analyse the quick benefits of organising the corporate awards:
- Job satisfaction
- Employee retention and loyalty
- Negligible cost
- No complications in organising awards
- Boost employee productivity
- Attract potential recruits
- Determined employees to achieve company goals
- Encourage teamwork
- Reputation building
- Lower employee turnover
These benefits cannot be overlooked by an organisation. If the organisation is not having the corporate awards, then it is missing out a lot.
So, if you looking forward to encourage your employee by the corporate award, you don’t have to worry we have you sorted! Browse our Awards and Plaques category here or contact our friendly sales team at firstname.lastname@example.org to discuss more options suited to your brand!