5 Effects of Consistent Employee Recognition in Business
Boosts Productivity
Rewarding employees for their hard work with an employee recognition award not only makes people feel appreciated but it also reduces employee turnover by making it more likely that people will stick around for the long-term. Rewarding workers not only motivates them but it also makes them more productive. A study at the University of Western Ontario found that when employees are given recognition, they work 37% more hours than when they aren’t. That extra work leads to more revenue for the business as they are able to charge more for their products and services.
Boosts Company Culture
Encouraging a culture of recognition can change the way your business thinks about employees. It can change the way employees see the business. When employees regularly receive recognition, they are more likely to put in the effort that is required to meet expectations. They are also more likely to show up to work every day excited to be there and take their jobs seriously. That means when employees are on the job, they are more likely to be thinking about what it takes to meet company goals and company culture.
Increases Customer Loyalty
Rewards can also keep customers coming back for more. When customers feel recognized for their efforts, they are more likely to return for more service. A study at the University of Western Ontario found that when employees are given recognition, they are much more likely to recommend their jobs to friends and family. That increase in referrals translates into new business for the company.
Improves Cash Flow
Rewards not only help to boost productivity, they can also help to reduce cash shortages and increase cash flow. A study at the University of Western Ontario found that when employees are given recognition, they are more likely to work longer hours and take more responsibility for meetings, tasks and projects. That extra effort leads to more revenue for the business as they are able to charge more for their products and services.
Increases Employee Blood Flow
When employees regularly receive recognition, they are more likely to work more hours and take more responsibility for meetings, tasks, and projects. That extra effort leads to more revenue for the business as they are able to charge more for their products and services.
Increase in Workplace Morale and Well-Being
When employees feel recognized for their efforts, they are more likely to work more hours and take more responsibility for meetings, tasks, and projects. That extra effort leads to more revenue for the business as they are able to charge more for their products and services. When employees feel appreciated for their work, they are more productive, happier and more loyal. This is because when people are happy on the job, they are more likely to deliver good work and be more productive.
Summary
Rewards can boost productivity, productivity can boost sales, improve cash flow, increase employee blood flow, improve overall morale, increase employee engagement and satisfaction, and more. Rewards programs are easy to set up, affordable, and scalable. They are also easy to implement and results are clear. These benefits are only the tip of the iceberg when it comes to the impact of consistent employee recognition in business.
