Receiving recognition in business is important to the vast majority of employees. According to Gallup, “Workplace recognition motivates, provides a sense of accomplishment, and makes employees feel valued for their work. Recognition not only boosts individual employee engagement, but it also has been found to increase productivity and loyalty to the company, leading to higher retention.”
Moreover, Gallup’s research shows that employees find many forms of recognition to be more memorable than getting a raise. The type of recognition they valued most? Public recognition or acknowledgement in the form of an award, certificate, or other commendation.
If your business doesn’t already have an employee recognition program or nominate team members for business awards from external organizations, then you are missing out on two great ways to boost your company culture.
Internal appreciation programs, informal recognition, and other types of recognition
The first way to give employees effective recognition is through internal programs designed to thank them for their outstanding contributions, longevity with the company, and loyalty. This formal recognition at the organizational level fosters a culture of recognition that motivates employees to produce exceptional work and reinforces the company’s values. At the same time, this recognition also has a positive impact on employee morale, helping honorees feel a sense of security and belonging.
For this reason, most businesses have established reward and recognition programs. Ideally, these go beyond noting years of service to include other opportunities to recognize those who enhance the work environment for their colleagues. Customized gifts are always a good idea as well.
Another surprising finding from the Gallup survey, however, is that recognition doesn’t need to be official to improve the employee experience. The second most valued form of recognition listed was receiving acknowledgement of work well done from a boss, peer, or customer. For this reason, leadership should encourage team members to acknowledge each other.
Recognition platforms are now available on the commercial marketplace that allow this kind of peer-to-peer recognition online; distance is no longer a barrier to employee recognition. No matter where your employees might be, they can enjoy giving and receiving thanks for a job well done.
Many businesses forget another important way to give their team members meaningful recognition, however: nominating them for business awards from external organizations.
How business awards enable employee recognition
Nominating a team member or a group of employees for business awards in their industry is a great way to recognize their contributions. When an employee’s contributions are so highly esteemed that they are deemed worthy of recognition as the best work on an even larger stage, it has a measurable impact on their self-esteem. The nominees themselves take pride in the business results they’ve gotten, which encourages them to continue working hard. Meanwhile, their coworkers also form a desire to earn recognition, spurring them to up their game.
For this reason, a classic study in the International Journal of Entrepreneurship and Innovation shows that when companies win small business awards, employee performance gets even better. As the authors explain, “winning an award acted as a motivator for enterprise employees, enhancing their productivity and attitudes towards the business.”
But that’s not all. The study also demonstrated that award-winning businesses experienced a surge in new business as consumers rushed to try their products for themselves. Moreover, the businesses were able to leverage their win for years afterwards. Recognition helps companies to foster trust with their target audiences.
Think of the effect that winning such an award is likely to have on your recruitment efforts, as well. Top talent wants to work for the top businesses. When your team members earn recognition for their success in competitions, it establishes your business’s credibility and makes you more attractive to potential new hires. While your company may always have been a great place to work, now more people will believe it, including those whose opinions matter most!
In short, while a business might submit a team member for consideration to one of these competitions as a way to improve employee job satisfaction, it reaps a wide range of benefits in return. Recognition efforts reward the companies themselves!
The power of recognition
Want to boost employee satisfaction and reduce your turnover? People crave recognition.
Cultivating a climate of employee appreciation not only constitutes an effective employee retention strategy and makes the workplace a better place but also helps you reach your business goals. While official employee recognition programs are an effective place to acknowledge exceptional employee service, don’t underestimate the value of a simple word of thanks.
Additionally, to create a workplace culture that understands the full importance of recognition, consider nominating your individual team members or groups of employees for business awards from external organizations. Recognition reinforces positive behavior, so leaders must make recognition a priority.