According to a study, 65 percent of employees surveyed and said they had not received any recognition for their work in the past 12 months. In the same report, 89 percent of employers believe that most workers leave their companies to make more money. However, most of the workers who left their jobs said that the lack of worker recognition was a major problem.
The HR department, which faces challenges in recruiting and retaining the best employees, is a key driver of implementing a culture of honest and caring staff compensations scheme that motivates and rewards employees far beyond material incentives.
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Best practices for employee recognition culture:
Your staff is the most valuable resource for your company, but many companies are still struggling to retain the best talent. The following are some of the culture-specific recognition strategies that are effective to recognize and reward your employees:
Do it privately:
It's important to be specific, personal, and accurate. Use positive words and show employees that you really understand their performance.
Offer opportunities:
Some workers do not have the opportunity to outdo themselves because of the nature of their job or because of lower expectations for certain types of work. Employees who do their jobs well should be given opportunities for broader responsibilities and job promotion training.
Increase recognition value:
While verbal communication is definitely the most effective way to identify employees, the best strategy is to support them by posting employee performance in various forums, such as in company bulletins, bulletin boards, and team meetings.
Motivate with financial incentives:
While financial incentives are not always the best motivators, they can certainly show appreciation for a job well done. The best monetary incentives are more open and variable as they motivate folks to do their best every time.