Whilst the economy continues to stutter and grow slowly, a recent survey shows that employers across the nation have capitalised on ‘good will and incentivising’ at the start of 2016 by more effectively recognising staff for their efforts.
The survey, carried out by award winning performance improvement agency P&MM, was conducted among 1,435 employees across some 52 UK organisations at the start of this year. It revealed that 87% of staff felt appreciated by their colleagues and 85% by their direct managers.
However, whilst the data for new employees was extremely positive, the survey also suggests that senior leaders are lagging behind in their recognition efforts, with only 57% feeling appreciated by senior management.
We all know that it can take a lot of investment to replace an employee, with some sources claiming that the average cost can be upwards of £30,000. This includes the cost of advertising, agency fees, time invested in interviewing new candidates and training them once they get started.
At the start of this year, it’s clear that senior executives have broken new grounds to bridge the divide between themselves and their teams ‘on the ground’. With belief in senior leadership a key factor in employee engagement, it’s essential that executives take the time to recognize the efforts of their teams and not simply delegate this to line managers.
To ensure you can retain your staff and show them the appreciation they need and deserve, we’ve created a list of areas that you may wish to consider for every employee that works under you:
1 – Create an engagement strategy
If you have one great, if you don’t then get one! Employees that are engaged and positive about their workplace are 20 times more likely to improve customer satisfaction and loyalty, leading to an increase in productivity, turnover and ultimately profit.
2 – Implement a reward programme.
Whilst it’s not always possible to give regular pay increases, it is possible to give non-cash incentives. Recognising staff for good work has been proven to be more effective at motivating staff than offering low increase in salary levels. Small cash incentives get lost among everyday bills, whereas non-cash rewards retain their presentation levels.
3 – Determine behaviour traits in employees that you would like to see in your ideal employee and praise those who display such behaviours.
Personnel recognition schemes can enhance individual and team performance and improve profitability. By creating a culture of recognition you’ll motivate employees throughout the year.
4 – Review the benefits to your employees.
Regular benefits will add a lot of value to your employee’s personnel package and have a genuine impact on their view of you as an employer. Whilst this may not be as well received as a pay increase package, it will help to keep employee’s motivation high.
5 – Make reward schemes available to all.
Companies can achieve greater gains by ensuring that their reward procedures are based on performance improvement and can be attained by any member of staff, not just the top few.
6 – Empower managers.
Give managers the tools they need to create give their own incentive schemes. Don’t wait for yearly employee appraisals, use regular reports from managers to allow them to reward the correct employees. Only 58% of employees say they know what they are supposed to do and how their performance is assessed, so be sure to establish a continuous rapport with your staff members and team leaders.
7 – Measure everything.
How will you determine if incentivising staff is having a positive effect if you don’t review your initiatives? Forward planning and creating procedures will help you to measure the success of your plans and motivation programmes.
If you’d like more information on providing the perfect reward schemes for your staff then please call 0330 111 5252 or email email@example.com