Today, there are a lot of companies that are having a difficult time increasing their retention rates. You may notice that your employees are leaving for greener pastures more often than they previously did. As a result, you could be dealing with increased overhead expenses, as it can be very expensive to recruit, hire, and train new employees. One of the best ways to get your overhead expenses under control is to increase your employee retention rate, and one of the best ways to do that is to give your employees the recognition they deserve. What are a few of the best ways you can recognize your employee? Take a look at a few suggestions below.
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One of the best ways you can recognize your employees for working hard is to use the company communication platform. There is probably a comprehensive platform you use to distribute information about the company. If someone is doing well, you can highlight their efforts using the platform. Even a simple shout-out can go a long way. If you want to take full advantage of this recognition option, you need to choose the right platform. There are several options available, and a great employee recognition platform is one that is scalable, easy to use, and provides you with plenty of customizable features. Make sure that you use the communication platform to recognize your employees from time to time.
A bit of free food can go a long way, so you should consider buying lunch for the department of the employee that is recognized. For example, if there is an employee of the month, you may want to purchase lunch for that entire department on that day. Then, you can let the employee who won the award select where the lunch comes from. Of course, you should institute a price limit to keep your expenses under control, but everyone enjoys free food. This is a great way to improve company culture and let your employees know that you appreciate their efforts.
Today, employees care more about having a strong work-life balance than they ever did in the past. Therefore, you may want to offer your employees entries into a free vacation raffle. Every time they are recognized, you may want to put another entry in the box. Then, at the end of the year, you may want to select a few winners. If you have several options available for free vacations, you can let the person who won pick first. Then, if you have a few other options, you can pick a few other names out of the box as well.
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You need to get other people to participate in the employee recognition program. Therefore, try to encourage peers to nominate each other. It is impossible for you to be everywhere at once. You will depend on other employees to participate in the program. What this means is that they need to keep their eyes open, and they should have the ability to nominate each other. Using the company platform, you should give them the ability to describe different instances when certain employees have gone above and beyond. Then, you can use these entries to decide which employee gets recognized from time to time.
Finally, you may want to offer employees an extra day off if they are recognized as a part of the program. Vacation days are incredibly valuable, and there are some employees who may take an extra day off instead of the cash bonuses. This could be a great way for you to control your overhead expenses, and your employees don’t necessarily have to pay taxes on an extra vacation day. You may want to give your employees a few ideas about what they can do with the extra vacation day. This can encourage them to work harder in an effort to earn that extra day off, and it could do wonders for your productivity levels. This could be a great way for you to motivate your employees.
Ultimately, these are just a few of the top ways you can recognize your employees. It is important for you to customize your recognition methods to meet the needs of your company, and do not forget to get your employees involved in the process as well. You should collect their feedback from time to time to make sure they have some input on how you recognize them and the rewards you give. If you take the time to properly recognize your employees, your employee turnover rates should begin to fall, and your company culture will improve.