Giving employees awards for doing a great job has been growing in popularity for the past several years. While those who’ve implemented it and have already begun reaping the benefits of it, many business owners may fail to see how it can help their business. However, the vast majority of companies who regularly reward their employees have boasted of quite a few different benefits to doing so. The majority of these benefits focus on encouraging a happier and more satisfied workforce.
As such, the majority of the benefits that you’ll see from giving out awards can focus on increasing your overall employee retention. Another side to this is if new job candidates see that a certain company values its employees, it might help to attract better job candidates. While many of these custom awards ceremonies may be focused on employees, the benefits of doing so are company-wide. As such, it’s worth a look at just how this employee recognition can help your business.
Benefits Of Employee Recognition
The Basis For Important Decisions
When it comes to your business, there are quite a few important decisions to make. While many of these may focus on the likes of sales and marketing strategies, promoting employees and giving out raises can also be significant. With that in mind, the likes of managers and business owners need something to help inform this decision one way or the other. What many people may not realize is that giving out awards can be a notable thing to partly base these decisions on.
For example, if you’ve been throwing these awards ceremonies for quite a while, then you’ll have a significant amount of employees who’ve gotten awards. Now, let’s say that a managerial position has opened up and it’s come down to two employees whose experience and skill-set is almost identical. While these kinds of situations may not be common, they certainly do happen and it can be vital to figure out who is more deserving of the promotion. While there can be several different ways to help inform this decision, one of the easiest ways is to look back through the award winners.
This will give up a more holistic picture of both employees’ track record in your company. With this, it can help determine which of these employees should be promoted. Furthermore, if an employee is looking for a raise, then these awards ceremonies could be a significant way to help with that. It should be noted, however, that this should only be taken into account if both employees are identical in almost every other capacity. As such, it should be one of a handful of things you use to base your decision on. This is because, when it comes to important decisions, the more information you have about a particular employee, the better you’ll be able to make your decision.
It Encourages Teamwork
You might assume that pitting employees against each other for awards might not be the best way to encourage teamwork, but awards have been shown to have quite a positive impact. However, this can only be achieved if you integrate peer-to-peer recommendations into your awards, as this can be positive on a few different fronts. The first of these can be relatively minor, insofar as it stops employees from thinking there’s some form of favoritism in the awards.
However, one of the more significant benefits is that it encourages employees to see the best in each other in the office. As such, employees should begin appreciating each other and their roles much more. With that in mind, they’ll be able to work better as a team and possibly even get along better. It also means that the awards themselves will mean more to those who win them. With that in mind, you can have a few different positive effects for your business.
With each of those benefits, you’ll see a significant amount of improvement across your business. You won’t just be making your employees feel appreciated, but you’ll also be helping your business overall. Furthermore, the vast majority of awards are quite affordable and can be customized to a certain extent. Because of that, there’s almost no reason not to reward your employees for doing a job well done.