What’s most important to your business bottom line – a happy customer or a happy employee?
Customers create the profit, so happy customers must be a priority for any business that wants to succeed. But research shows that the most successful companies focus on the happiness of their employees.
Can employee recognition incentivise employees, boost work engagement and bring your business to the next level?
Analysis of employee incentive programs shows that companies that excel at employee recognition are on average 12 times more likely to generate strong business results. In organisations where employee recognition occurs there is an improvement in employee engagement, productivity and customer service.
A culture of recognition is a powerful employee engagement tool. Employees want to be recognised, they like to choose their reward and their preferred rewards are those that have financial value, which makes prepaid gift cards the perfect incentive.
Finding ways to create a positive workplace culture and thank your employees will incentivise your staff, improve employee retention, increase productivity and improve performance.
Management publication Harvard Business Review cites recognition given for high performance as the most impactful driver of employee engagement.
Incentivising employees by recognising their performance sets the company culture of appreciation which contributes to employee satisfaction. Organisational consultant and author Simon Sinek advocates, ‘Customers will never love a company until the employees love it first.’
Successful global brands recognise that employee engagement contributes to the success of the company. Apple’s Senior Vice President Angela Ahrendts says, ‘Everyone talks about building a relationship with your customer. I think you build one with your employees first’.
Virgin Group founder Sir Richard Branson states, ‘I have always believed that the way you treat your employees is the way they will treat your customers, and that people flourish when they are praised.’
Industry analyst Josh Bersin advocates a culture of continuous recognition as a powerful engagement tool. Companies with a high-recognition culture have 31 percent lower voluntary turnover than companies with poor recognition cultures.
Building a culture of recognition through social reward systems and regular thankyou activities gives you an opportunity of appreciating everyone in the company. It really does make for happier, more productive employees. Researchers have proven that when you thank someone, it releases oxytocin, a hormone that makes people more relaxed, collaborative and happy.