Make employee recognition a habit this year so your best employees stay and marginal or underperformers feel inspired and are motivated to try harder.
The triggers that motivate people to achieve are unique for everyone. Many would say it is money; however more employees claim that they are driven to make a difference and improve based on something more powerful than cash – RECOGNITION. The factors that motivate employees to achieve evolve as they mature and begin to truly understand what matters most to them in terms of personal contribution and having a positive impact in their organization and communities. Therefore, as leaders we must hold ourselves accountable to build meaningful and purposeful relationships that really matter to our employees.
A study by Bersin and Associates revealed that companies that provide ample employee recognition have 31% lower voluntary turnover rates than companies that don’t. Basic psychology indicates that employees who are affirmed for good behavior are more likely to repeat those actions, and that, in the long run, will build a stronger company with a powerful culture.
Here’s the litmus test – when did you last directly acknowledge and recognize an employee’s contribution and effort? What was the result and outcome? To be even more personal, when did your boss last recognize and praise you? How did you feel when she or he did? Intrinsic motivation and fulfillment is based on more than financial rewards for most people, it comes from being acknowledged and feeling valued.
In conclusion, if employees are remunerated competitively, recognition and praise become their greatest motivators, and these are more powerful than money alone.