Nowhere is recognition more vital than in the workplace. Yes, employees desire a competitive salary and to enjoy a work-life balance. But they want to be recognized too.
Recognition is something we all aspire to in some way, shape, or form. We want our bosses to single us out for a job well done because it means we are valued, and that we are doing something that is helping the company reach its goals.
Today, recognition typically comes in the form of awards and monetary incentives doled out to deserving team members. But when did this concept originate?
A Brief History of Award Giving
The practice of bestowing awards dates back to ancient times when it was used to honor and recognize individuals’ achievements and contributions in various fields. Meanwhile, awarding employees for their outstanding contributions and achievements became popular in the modern era, and organizations began awarding exemplary team members for their contributions and achievements.
Giving awards has evolved over the years. Now, organizations reward their staff members for a variety of reasons. A company could award an employee for outstanding performance, innovation, teamwork, and leadership.
The types of corporate awards have become a lot more varied. Aside from the traditional plaques, trophies, and certificates, there are travel rewards, gift cards, offsite events, special days off, and much more.
The Value and Benefits of Employee Recognition
Employee recognition is crucial for a company’s success because it fosters employee motivation, engagement, and loyalty. Awarding stand-outs in a company for their hard work and accomplishments makes them feel appreciated and encouraged to continue their efforts.
First off, employee recognition improves employee engagement. Engaged team members are more committed to their work and willing to go the extra mile to achieve the organization’s goals alongside their own.
Second, it leads to a higher rate of retention, as employees who feel appreciated and valued are less likely to leave the company. Research conducted by human resources firm, Bersin & Associates, found that the companies which have highly effective recognition programs have a voluntary turnover rate that is lower than 31% than those that don’t.
Third, it results in increased productivity. Recognizing achievements motivates staff to work harder and become more productive. In turn, this helps improve the overall productivity of the company. A 2019 study published by Said Business School states that higher well-being at work is connected to increased employee productivity.
Fourth, it boosts employees’ morale because they feel appreciated and recognized. The satisfaction they derive from their jobs leads to a more positive work culture.
Finally, employee recognition can attract top talent to the company. Organizations that have a reputation for recognizing and valuing their people are more likely to attract and retain the best candidates. This can provide the company with a competitive advantage in the market.
Unique Corporate Award Ideas
These corporate award ideas are a fresh take on recognizing the best, brightest, and most hardworking people within a team or organization.
1. Employee wall of fame
A wall of fame can be as simple as putting up photos of employees who have performed exceptionally well. You can include what specific action they took to earn this recognition. These images can be placed on one of those enclosed bulletin boards, adding an element of surprise.
The wall does not have to be physical for companies that primarily operate online. You can highlight employee accomplishments on a page on your internal or, if appropriate, customer-facing website. Encourage staff participation by asking them to nominate coworkers.
2. Coaching champion award
Great leaders are also great coaches. Coaching is a specialized skill that requires time and practice to master. Managers consult and micromanage, whereas coaches provide feedback to team members to help them make decisions.
Coaches help employees grow and reach their full potential by setting clear expectations, showing appreciation and praise, and placing team members in positions where they excel the most. They also form genuine bonds with other team members based on mutual trust and respect.
The coaching champion award should be given to workplace coaches who go above and beyond to help every other individual grow professionally as well as personally. Recognizing effective leaders and coaches can assist you in motivating and engaging employees at several levels.
3. Private lunch.
Employees who dislike public recognition may prefer a private lunch with a senior member of the organization or their direct supervisors. This one-on-one time can help executives form meaningful connections with their employees and stay connected to them.
Employee recognition is a crucial component of any successful organization. It is an effective method for promoting engagement, retention, productivity, and morale among team members. It can attract top talent, enabling businesses to create a positive work culture and achieve long-term success.
Companies, regardless of size and scale, should take steps toward creating an employee recognition program. Recognizing employees will go a long way toward creating happy, contented, and dedicated team members.