A consistent recognition program can be a key part of your overall employee retention strategy. Feeling valued attracts talented people and makes them want to stay.
There is strong evidence to support employee recognition programs in the workplace. In fact, we looked to Gallup, an analytic company here in Omaha. They found that frequent recognition is both powerful and cost-effective. It is a simple and sure way to motivate your team.
Gallup’s research shows the benefits of employee recognition. In particular, evidence shows how recognition affects employee engagement. Analyses show reduced voluntary turnover, increased productivity, and improved morale. Gallup researchers compared unengaged to engaged employees. Specifically, engaged employees are 17% more productive. They stay with their organization for 24-59% longer. Finally, they have a 21% higher profitability.
How to craft a recognition and appreciation strategy
Ideally, a recognition strategy is consistent, meaningful, and personal. Therefore, the best approach will offer day-to-day, informal, and formal recognition. A strong plan honors people, events, efforts, and achievements.
There are resources to help build an employee recognition strategy. For example, look to Recognition Professionals International (RPI). RPI is an association committed to improving the workplace and the workforce. Its focus is on recognition innovations and education. RPI offers a logical plan for employee recognition. They suggest starting with your mission, vision, and values. Then think about what is special about your culture and the people who work there. Talk with your team about how and why they want to be rewarded. For more details on Borsheims’ recommendations, see our white paper “Employee Recognition: Who’s In Charge?”
How much does employee recognition cost?
Recognition doesn’t have to be expensive to be effective. While published research is limited, most companies spend less than 1% of their payroll budgets on their programs. You may find that your plan will pay for itself by lowering your turnover rate.
Cash is not always king in recognition programs. Your accountant can tell you that salary and bonuses are taxed twice–when you give it and when your people receive it. In addition, higher pay leads to long-term higher costs. A bonus often becomes a salary expectation.
In other words, higher compensation and bonuses are short-term solutions. Employee appreciation is a long-term strategy. Recall the old adage–a raise is like a martini, it lifts the spirits–but only temporarily.
What to look for in a service award provider
Modern employee recognition requires a trusted partner. A good service award provider knows product trends, quality, and value. They can source a variety of merchandise at competitive prices. In addition, they will provide ongoing support. For example, a good provider will offer annual reviews. During this review, they will report on product trends and availability. They may offer options to replace less popular items. With their experience, they can advise on the pricing levels. Finally, they may offer ideas for improvements for ordering and delivery.
Some comprehensive providers also offer awards and engraving services. For example, perhaps your organization recognizes the Employee of the Month/Year or honors staff for sales, customer service, or safety. Look to your provider for trophies, plaques, or other items to create awards for your unique needs. One-stop shopping can simplify your recognition program.
In short, a service provider will work with you to make certain that your program is great fit for you year after year.
How can Borsheims help?
Borsheims is a leading provider of gifts and awards. Our tiered program honors years of service. Our standard 7 level plan is our most popular, though we can also create custom plans for any organization. Each level of gift collection is sure to please–we have something for everyone. We offer items such as binoculars, coolers, cookware, small appliances, and of course, jewelry and watches.
You provide us with the employee information, and we do the rest.
We also supply practical business gifts such as engraved pens, clocks, and watches. For more decorative, yet still business-appropriate gifts, we offer etched glassware and personalized trays and bowls. Often given for outstanding performance or for being a member of a team, these items make a lasting impression. We offer a variety of brand names to reflect your workplace’s values.
Engraved crystal, metal, and wood awards are an impressive way to honor career milestones and achievements. These successes may include distinguished service, special honors, individual or team recognition, and general gratitude.
Finally, Borsheims is known for its fine gifts to observe holidays, organization-wide events, and personal milestones. For example, we can create a company paperweight to honor your founding or important anniversary. We love creating custom holiday ornaments. Let us help you find the perfect gift for the employee celebrating a birthday, wedding, or birth.
As an independent jewelry and gift store, Borsheims knows gifts. We support you with a dedicated account manager and exceptional service. We are big enough to provide an array of products at our famous Borsheims prices, and small enough to provide personal service.
Make Borsheims your employee engagement destination!
