Companies may be able to increase job satisfaction and engage employees with reward and recognition programs.
An increasing number of companies are expecting some employee churn as the economy recovers. Job growth will make new opportunities for those workers not satisfied with their current positions, increasing pressure on businesses to improve engagement levels among staff members.
A survey reported by HR.BLR.com found that a third of employers expect employee turnover to rise this year. This could cost organizations thousands of dollars in lost productivity as remaining staff members struggle to fill the voids left by their former colleagues. One reason for the potential rise in turnover is the lack of satisfaction among workers. Leadership development consultant IEDP reports that fewer than half of all Americans report being satisfied with their jobs.
Boost job satisfaction
Companies may be able to increase job satisfaction and engage employees with reward and recognition programs. These initiatives provide motivation to achieve short- and long-term goals, which can boost the energy and enthusiasm of staff members. By providing regular and consistent feedback about successes and accomplishments, organizations can build supportive environments that help workers feel more connected to their co-workers.
One of the main advantages employee reward programs have is that they provide feedback about how individual staff members are making a difference. Inc. Magazine states that this is vital to improving engagement levels and reducing turnover within offices. Workers who understand the usefulness of their work and how it influences the performance of their companies are more likely to become engaged, striving to achieve more and make a large impact. By taking the time to recognize the contributions of individuals, businesses may see more satisfaction among their workers.
Maximizing benefits of reward programs
Employee incentive programs do not have to be expensive or complicated to generate results. If run correctly, a program with a budget of 1 percent of the total payroll can lead to a 20 percent increase in employee engagement. Engaged workers are more productive, innovative and loyal than regular employees, helping to drive revenue growth and continued success. To get the most out of their incentive programs, companies should focus on building comprehensive corporate cultures that express company values.
Taking a holistic approach allows reward programs to reach workers at all levels of an organization. Allowing employees to provide input on key decisions will help them feel more connected to the success of their companies as a whole. Recognition programs are an effective way to encourage participation in discussions and grassroots initiatives.