The top three reasons employees feel unmotivated are: feeling undervalued (43%), having a bad manager (43%) and a lack of recognition (40%). If an employee is appreciated for the work they do, they are more likely to be happier in their role and therefore work harder for the business. Rewarding and recognising staff can be achieved by simply saying ‘thank you’, or by going above and beyond and providing a weekend away! It is an exercise in trial and error, getting to know your employees and finding out what motivates them.
Reward and recognition, and productivity are intrinsically linked. Employees who feel valued are going to work harder for your organisation; research shows that employee happiness increases productivity by 31%. However, it is vital that you reward and recognise both the big and the small wins appropriately, for example if your sales team surpasses their yearly target reward them with an all-expenses paid meal at a fancy restaurant. But if you see someone being particularly helpful one week, recognise it with a free breakfast and a note to say you have noticed their behaviour. There are different scales of reward and recognition that should be considered, but the main thing is if you hope to keep staff working at maximum productivity, acknowledge the hard work they’re already putting in.
Over 7 in 10 employees want their employers to do more to motivate them... so why are we ignoring them? Introducing a reward and recognition scheme in your organisation can have vast benefits on your employee’s motivation and experience. Ensuring your employees feel valued doesn’t have to cost the world and the rewards reaped far outweigh the financial and time costs incurred. Given the benefits of reward and recognition in the workplace, and the impact on a company’s bottom-line and wellbeing, it’s crucial to build the habit of valuing your employees.
Not convinced? Take a look at our collection of blogs on reward and recognition in the workplace both here and on our R&R experts' blog at Penguins, or reach out today to get started on improving your strategies. Our Reward & Recognition team know what works, and what doesn’t, and are experts when it comes to customising incentives to you and your business. Want to find out more about reward and recognition and the impact COVID-19 has had? Check out our report on The changing face of reward.