Employee recognition programs are extremely important in the workplace. Companies have often failed at keeping employees engaged due to a lack of recognition. According to recent research, a company loses one entry-level employee per month, primarily due to lack of raises or other recognition. Companies are losing money on these employees because it costs much more for the company to replace an employee than it does to offer him more compensation.
So how do you fix this turnover issue? Companies are starting to think smarter when it comes to engaging their employees early in their career. It’s not all about money either. With a stronger and more active millennial workforce, understanding how recognition works and when it’s appropriate will save your company headaches down the road. Programs that recognize employees early and often can save your company millions while decreasing turnover and improving your company culture. Here are three easy steps you can take to create an early recognition program in your workplace.
When a new employee is hired, connect them instantly with a mentor. This allows your employee to engage in one-on-one feedback and encouragement from someone who wants to see them succeed. Fostering this type of environment will allow you to use mentors to promote early recognition of their colleagues.
Another way of providing early recognition in a cost-effective way is to create a collaborative work environment. This way you’ll have not only peer feedback, but a collaborative environment that creates ongoing feedback for each individual involved.
Incentive ideas like gamification introduce games and friendly competition into the workplace. Competition in the workplace allows employees to be recognized by their achievements, which increases their visibility to their employers. Gamification is successful in HR, recruiting, and hiring for a number of reasons, first and foremost the fact that it taps into the innate human nature that pushes us to win, succeed, and go further.
Millennials have become a generation that is all about being rewarded and recognized for each little thing they do. Since four out of five employees will be millennials, it’s important to foster this type of environment by implementing one or more of these suggestions. In doing so, companies can see long-term rewards such as lower turnover figures, happier and more productive employees, a stronger workplace culture, and the opportunity for a better look at how their company interacts with and develops their employees.