"People work for money but go the extra mile for recognition, praise and rewards." - Dale Carnegie, Leadership Training Guru
In 2012, an SHRM/Globoforce Employee Recognition Survey revealed that companies with employee recognition programmes experienced a 22% lower turnover rate than those without. However, in 2014, The Chartered Institute of Personnel and Development’s annual reward management survey reported that even though the UK economy has risen by 2.6% of that year, only 9% of employers/respondents were prioritising reward approaches at the top 10% of their sector.
Tips on how to reward your employees:
* Ensure that their hard work receives wider recognition throughout the company and to a wider extent, the sector itself – Aon Hewitt, 2012 Trends in Global Engagement reported that organization reputation and career opportunities are consistently top engagement drivers.
* Offer incentives for successful work such as shopping vouchers or cash bonuses.
* Host social events outside of work (i.e. team building residential that strengthen the relationships among team members).
* Acknowledge the effort they have devoted to the company.
In June 2012, 90% of HR Professionals responded that benefits were a key factors in recruiting local talent, with benefits ranking second to salary in importance for globalisation strategies.