People are exhausted. They’re working overtime and on the weekends. They’re constantly picking up shifts due to illness or employee turnover. The COVID-19 pandemic has delivered a crushing blow to morale, and employers are witnessing astronomical levels of stress and burnout among their teams.
As a result, a staggering 52% of employees report that they’ll be looking for a new job in 2021. They feel their efforts and loyalty are underappreciated and undervalued. They will not bear the burden of excess stress for organizations that refuse to recognize them.
If companies want to avoid losing team members, they must prove to their employees that they care. When they do, they’ll see incredible results.
Recognition is proven to have a profound positive impact on company culture, productivity and customer experience. When team members feel recognized and valued, they work harder, collaborate more and trust that their employers will look after them in times of crisis. After 2020, job security and financial stability are more important than ever.
That’s why recognition is so important. People want to work for a company that will reward them for their efforts. They deserve to be appreciated for their time and energy. And, frankly, there’s absolutely no reason to stay loyal to a company that isn’t loyal to them.
So, how can organizations prove to their employees that they are seen and valued?
Traditional Awards and Recognition
Annual and quarterly reviews aren’t enough. When an employee is working tirelessly and devoting a large portion of their life to an organization, they want to know that it means something. No one wants to waste their time and energy on a company that doesn’t treat them well.
That’s why companies should consider incorporating various forms of recognition.
This doesn’t have to be complicated. Supervisors can send a private congratulations email to an employee after they’ve hit a goal. They can take them out for coffee and talk about how impressed they are with their performance. Whatever the method, team leaders should provide daily feedback, encouragement and praise to their team members.
When a supervisor recognizes an employee, they feel validated for their time and effort. This fosters a sense of trust within the organization and makes everyone feel comfortable and open to collaboration. Plus, when a team member feels valued, it reinforces their sense of job security.
It’s essential to recognize employees when they’ve achieved a goal, but it’s also important to acknowledge other milestones. Employees want to be seen. Organizations can show that they care by celebrating a team member’s birthday or work anniversary.
Taking the time to celebrate these milestones demonstrates that they don’t just care about profit and loss reports. Employees aren’t just numbers on a spreadsheet. This kind of recognition shows that they care about their employees on an individual level.
Ditch Meaningless Recognition
On the topic of traditional recognition, companies should stop using things like commemorative plaques and stock trophies. These items are rarely customized to match an employee’s personality, and they rarely have meaning. They are a low-effort form of recognition — and employees know that.
This extends to other items, too, like passable stuffed animals that serve as pseudo-company mascots, shiny wristwatches and gift cards to chain restaurants. When it comes to showing recognition, the thought only counts for so much. It has to mean something.
Plus, employers assume too often that all people want the same things.
Private vs. Public Recognition
Organizations must learn to communicate with their people and find out how they want to be recognized. This is essential because no two employees are the same, and as such, they likely prefer different forms of recognition.
Some employees might love a public announcement in the middle of the office congratulating them for an achievement, and others might prefer a private email. Some people like to be the center of attention, and others want to celebrate achievements without putting on a show.
If companies want to build a solid and unbreakable team, they must put in the time and effort to understand their employees and recognize them on an individual and personalized level.
Recognition Isn’t One-Size-Fits-All: Customization Is Key
Businesses will not succeed without a loyal and dedicated team. If the last year has proven anything, it’s that employees will work tirelessly to keep a business alive.
So, how do companies recognize the efforts of their employees? They should stop using one-size-fits-all approaches and open the lines of communication. Once employers start speaking to their employees, they’ll begin to understand who they are and what they want.
Personalization is key. It’s easier to buy a meaningful gift for a friend than a stranger. If an organization wants to show its team members that they are valued, recognized and respected, they must cater their approach to each individual. They must offer things that will actually have an impact on their employees’ lives.
Fringe’s platform is a great way to accomplish that. It enables companies to offer various lifestyle benefit options without assuming that everyone wants the same thing.
Contact our team to schedule a free demo today!