Staff member retention has become a more common business objective in the past several years, largely driven by the forecast skills gap and qualified employee shortage that is predicted to impact companies in the near future.
Staff member retention has become a more common business objective in the past several years, largely driven by the forecast skills gap and qualified employee shortage that is predicted to impact companies in the near future. Employee recognition programs, especially when managed and maintained properly, can go a long way in driving staff retention, all the while boosting morale and productivity among the workforce.
Massachusetts Institute of Technology provides a breakdown of its approach to employee recognition programs, spelling out how they succeed in enhancing staff experiences within its various departments and schools. According to the university's human resources website, the simplest form of employee recognition is the process of providing staff members with positive feedback when they achieve objectives or excel in their responsibilities.
Although a business leader might not be too interested in the practices of higher education facilities, it is important to remember that universities are working through similar challenges in terms of staff retention and engagement that companies face today. MIT affirmed that the basics of a sound recognition program include the creation of comprehensive policies and guidance to ensure managers are capable of providing the right type of feedback to excel.
Interestingly, the school maintains that employee recognition programs are not only the responsibility of managers, but rather a complete team effort, stating that supervisors only represent half of the puzzle, while peer and institutionalized recognition must also be in place for optimal outcomes.
Many businesses, especially those that have never developed or managed an employee recognition program, will struggle to navigate the sometimes complex waters of these initiatives. Leaders who fall into this category should always consider tapping the expertise and guidance of a professional service provider to ensure the efficient and effective use of resources.