Companies today are facing a new economic reality. Gone are the days when offering regular pay raises was enough to do the trick and keep employees engaged and attentive. Many small businesses simply can’t afford to do that. One thing that many businesses are discovering is that there are other ways to incentivize employees, beyond salary increases; they can use to recognize and reward the efforts of their employees.
One of the most productive means for getting even better performance from employees is through recognition. Businesses that are stellar in the employee recognition department are more than 10 times more likely than their counterparts to achieve higher profits, according to Bersin & Associates, a human resource consulting firm.
Given this impressive statistic, here are a few tips to make your efforts to recognize employees even more effective.
Keep it Specific
The praise you provide needs to be extremely precise. Don’t offer general praise. Let employees know which actions, characteristics, and results they’re being praised for so there is no doubt in their minds, or yours, about why the praise is being delivered. You should also deliver the praise in a timely manner so that the specific details are still fresh in your mind as well as the mind of your employee.
Nothing is more frustrating to employees than getting praise that feels forced or contrived. If you aren’t sincere about the praise you’re offering, don’t offer it. It will only generate negative feelings rather than the positive experience you’re going for. Make eye contact while offering the praise and shake hands so that your employee feels as though he or she is the center of your attention while you’re offering the praise.
Leave it at That
When you’re offering praise or recognition to employees, you need to leave it at that. This is not the time to give with one hand and take back with the other by offering criticism at the same time—no matter how constructive that criticism may be. Deal with weaker areas at quarterly meetings, one-on-one meetings, or during performance reviews and offer recognition and praise at the moments they are due without tempering them with negative feedback.
Why is Employee Recognition so Important?
Many companies are sticking with outdated and unfortunate programs that reward based on tenure rather than contribution. This is the way payroll increases and bonuses are often doled out. These programs do little to improve engagement among the masses and can actually breed feelings of resentment among rank and file employees. Recognition, on the other hand, can be used with employees at all levels of tenure and will go a long way towards reducing employee turnover and performance.
Are you looking for new ways to boost performance from your employees without spending a fortune to do it? Offering recognition is one of the most cost effective methods you can use to accomplish these important goals for your business. Just remember to keep these great tips in mind when offering employee recognition.