Jul 8, 2021
Businesses are constantly looking for ways to improve their day-to-day and boost productivity. If you don't already have an employee award and recognition program, it's time to start one. By simply investing in employee recognition, you can save money by retaining more productive and talented employees while reducing expensive turnover rates. Learn more about these benefits of an employee award and recognition program, as well as some ideas on ways to start one.
Almost everyone likes receiving praise from their boss, organization, or peers. Employee recognition acknowledges and rewards employees' hard work, encouraging them to perform the same behaviors for continual success. There are three types of employee recognition:
Some of the most significant benefits of offering corporate awards include:
When employees are recognized for their achievements, studies show they're 82% happier at work. And 32% believe it improves their interactions with colleagues. When employees are happy at work, they're more likely to be engaged — that is, they're more likely to be passionate, committed, and productive when performing tasks.
Businesses with high engagement rates are more likely to outperform their competitors at almost double the rate. Engaged employees take more responsibility for their projects, collaborate with others more effectively, and better express their creativity when problem-solving.
Productivity is a ratio between output and input. The more input your employees produce, the higher output you'll receive — the more productive your employees are, the more money your business will make. As your employees feel happier at work through your employee recognition and reward program, those benefits will most likely translate into high profitability.
A majority — 63% — of employees who receive consistent recognition are very unlikely to look for a new job in the next three to six months. Comparatively, 89% of employees who are rarely recognized are more likely to switch jobs, with the lack of recognition being their top reason. In another survey, 69% of respondents said an employee award and recognition program would encourage them to stay.
A study from the Work Institute suggests that replacing an employee can cost 33% of their annual salary — on average, that equals tens of thousands of dollars per employee. By keeping your turnover rate low, you can potentially save many thousands of dollars every year, even hundreds of thousands depending on how many employees you manage.
Your employee gifts should make a lasting impression. You don't want to just give your employee a gold sticker as it's short-term and anticlimactic. Rather, consider this list of company award ideas your employees will actually enjoy and cherish:
SourcePromo is a full-service campaign management company, and we can help you find the perfect corporate achievement awards that your employee — and your budget — will love. We have over 400,000 products you can choose from, including corporate event awards like:
Our products come from manufacturers that use high-quality, environmentally friendly materials. When you choose our award program gifts, you can be sure you're benefiting your company without sacrificing quality or the environment.
Working with us is easy. We offer graphic design services to help you perfect your award. Our graphic designers will guide you through the concept, color rendition, and mock-up until we reach a final design you're happy with. All you have to do is give us your design preference and logo, and we'll give you the final result.
Rest assured that your products will arrive exactly as, or better than, you expected. We understand you have a business to run, and we'll do everything we can to ensure your products arrive to you accurately and on time. For more complex designs, SourcePromo will provide you with free samples to make sure we get everything right.
Visit our product page and browse our awards and trophies, as well as our other suitable gift options. And, if you have any questions, please reach out to us using our online contact form, and one of our representatives will promptly get back to you.