The war for talent is on! If your company has experienced turnover, you’re not alone. The Bureau of Labor Statistics recently reported that a record number of Americans quit their jobs in 2021—leaving openings that employers have been scrambling to fill and causing remaining employees to work short-handed. So, what’s the solution? Though you can never ensure your workers will stick around long-term, you can certainly take steps to encourage them to stay. And one of these strategies is through recognition.
Why recognition works
When employees feel appreciated, they’re more likely to be dedicated to their job, plus they’re more productive. And good attitudes can be contagious, helping spread positive vibes throughout your company. When employees are happy at work, they’re also more likely to stay with you, so regular recognition also builds loyalty. Though the lure of other offers can be tempting, and top performers may not be able to say no when a dream job comes knocking—you can still help ensure their long-term employment by taking steps to recognize and appreciate them.
Ways to show employee appreciation
In many cases, it’s easy to show your workers you care:
- Simply say thank you. Sending an email or stopping by their desk to say, “Thank you for your hard work,” can go a long way. It’s easy and free to show your gratitude for employees’ accomplishments.
- Celebrate success. This could be an impromptu pizza party, coffee and donuts for breakfast or a team happy hour. It can be as simple or extravagant as you like, as long as you say thanks.
- Talk about them. Share success, completed projects and milestones in a company newsletter or intranet. Let the company know that superstars work among them!
Other ways to treat your employees well include:
- Paying competitive wages. Their talent and experience are meaningful to your company, so pay competitive salaries. Check out sites like the Bureau of Labor Statistics to see what others in your industry are being paid.
- Offering adequate benefits and paid time off. Good health and time to rest are just as important as hard work. By taking good care of your workers, you’ll show them you care about their well-being.
- Give them room to grow. Promote from within and offer opportunities to learn, such as courses, in-services and tuition reimbursement. Giving employees room to grow helps them see a future with your company.
Reduce your risk of losing valuable employees
Take steps to improve your employee recognition process and hold onto those valuable workers. Need help assessing other risks your company faces? Check out Odell Studner. To learn more, contact us today!