Employee Recognition

In today’s highly competitive work environment, your people are your business – and the companies with the best trained and most motivated employees are the ones with the edge. Employee recognition is the first step to a more productive and satisfied workforce that ultimately has a huge impact on the bottom line.

Increased Employee Productivity

It’s a well known fact that engaged employees are significantly more productive, but how much more productive exactly?  

Engaged employees significantly outperform their less-engaged peers resulting in businesses with high employee engagement being 21% more profitable.

This is because when employees are engaged, their #1 objective is to contribute to the business’s success. Recognising and rewarding employees is a critical step in boosting employee engagement and productivity.

Higher Customer Retention

But employee recognition isn’t just bout rewarding staff for their hard work. Providing training and investment can be hugely motivating for individuals whilst having an impact on key business metrics like customer retention rates.

Research has found that customer retention rates are 18% higher for companies with well-informed, highly engaged employees.

Improved Team Culture

Employee recognition directly benefits team culture, making individuals feel valued and happy at work. This in turn can result in a huge increase in revenue, with a long-term study showing that companies with a thriving company culture grew by 682% in revenue over 11 years.

By comparison, companies with a poor company culture grew only 166% in revenue.

A brilliant way of improving team culture is through peer to peer rewards which can be easily integrated into our MyRewards platform.

Employees as Brand Advocates

Invested employees are more likely to become your best brand advocates, promoting your brand inside and outside of work. Not only is this brilliant for client and customer relationships, but it can also help attract top talent time and time again. 

Job Satisfaction

Job satisfaction and ultimately employee retention are critical for any business. On average, it costs a UK business £3,000 to recruit a new employee – on top of the unquantifiable cost of losing an experienced member of the team.

Employee recognition is a proven way to improve job satisfaction, as it demonstrates to the employee that they’re valued and they feel that they are making a difference. 

Our customisable rewards platform, MyRewards, is there so that you can reap the benefits of employee recognition in every area of your business, from recruitment to customer retention. To find out more from one of our Rewards Managers, talk to us now by clicking the button below.