A company isn’t a company without its employees, Hence, it is of utmost vitality for employees within the organization to be kept happy .Employee happiness is no longer just a term the HRO casually throws around to honey trap candidates but a legitimate pillar of success for any corporate today. Discouraged employees are 87 percent more likely to quit, and you’ll spend a minimum of 21 percent of an employee’s annual salary on a replacement. To avoid this unnecessary expense, Rewarding and recognizing the right talent in your company has become highly essential. Rewarding employees for their contributions boosts morale, improves productivity and enhances retention.
“When companies spend 1% or more of payroll on recognition, 85% see a positive impact on engagement” - SHRM/Globoforce Employee Recognition Survey, 2012
Rewarding employees has become one of the HR related initiatives for the betterment of the company. Research proves that the happiness quotient of employees’ impacts the productivity of the company in an assertive way. Different strategies are instilled by different organizations, but it is important to figure out the best ways to convert employees into the happy working community. The truth is that it’s impossible to build a culture of engagement if you are not in constant engagement with your staff. Employee recognition and employee feedback offer fun, effective, and non-threatening way to boost engagement while improving employee morale, job satisfaction, productivity and retention at the same time.This way the retention of potential employees will be high and will prove as an asset to the organization.
Real-Time recognition and feedback is the key to driving Sustainable Engagement
Employers could get away with semi-annual or even annual employee performance reviews. This is no longer the case. Employees are demanding more from their employers. They don’t want to wait until the end of the year to find out how their employer views their job performance. Instead, they want real-time recognition and feedback. They want to know that their work is valued and that they are making a positive impact on the company. Today’s employees even accept negative feedback, as long as it’s designed to boost performance.
With Beehive HR software solution, you can not only track your employees daily activities and schedules but also can track the completion of the individuals set goals. Beehive provides two such modules- Task-Timesheet management & Goal settings which help the employer to keep a track on their employee performance and recognize each person’s contribution.
A Workplace Trends Report finds that recognition programs yield 50 percent higher sales, 27 percent higher profits and 21 percent better retention. With a solid positive ROI to back it up, an employee recognition program should be treated as part of your company’s overall strategy. The fact that many companies are still missing out on the benefits of having a strong employee rewards program means that you can gain extra ground on your competitors by putting the power of recognition to work in your organization.