Gratitude and recognition play a vital role in the workplace. According to a recent study, only saying a genuine ‘thank you’ to the employees after the task is completed can bring up to a 69% increase in the extra effort put in by the employees. Talent is one of the richest assets for an organization and recognizing it can help to improve productivity on a greater level. Leadership-driven recognitions are the best in this case which helps to acknowledge and appreciate talents among employees. When a leader makes an employee believe that “You matter, and your work is valued”; they are more likely to go the extra mile for the company. Let’s find out more.
Why Leadership-Driven Recognition is Important?
- Improved Employee Engagement - Employees who receive recognition are more likely to be engaged in their work which is also directly proportional to productivity. They are more likely to be committed to their work and position when they are appreciated.
- Boosts Their Morale - Employee morale is greatly boosted when they are appreciated for their contributions. They feel valued and needed with greater job satisfaction. High morale means there will be less conflicts between employees and the authority.
- Foster Positive and Friendly Work Culture - The culture of recognition is the main ingredient of promoting a positive work culture where everybody shows mutual respect to all the members of the team. It further leads to seamless collaborations and enhanced performance.
How Performance Metrics Can Help?
- Productivity of Employees - Recognized employees are more motivated to maintain their productivity level and they might improve it further to gain more recognition within the foundation.
- Employee Retention Rate - Recognition is one of the biggest parts of job satisfaction and it can play a vital role in employee retention. If the workforce is appreciated and happy in their foundation, they are less likely to look for better opportunities in other places. A higher retention rate means reduced expenses for recruiting and training.
- Satisfaction of Customers - Not just employee satisfaction but customer satisfaction is also greatly improved as employees tend to offer better customer service when they are recognized.
- Innovation and Creativity - The culture of recognition also helps to foster more innovation and creativity as employees can freely share their new ideas and other solutions with the team and get valued by others for their contributions.
- Overall Financial Performance - With all the beneficial factors, the overall financial performance of the company is greatly improved with more productivity and fewer expenses.
What are the Metrics that Help to Measure Performance?
An employee's performance depends on various aspects, starting from their productivity to conduct with other team members. Other than just doing work, an employee must abide by the company rules and keep professionalism. Communication with other team members is also crucial. Let’s check the metrics,
- Feedback and Public Survey
- Performance Review
- Metrics on Productivity
- Turnover Rates
- Customer Testimonials
- Idea Generation and Innovation
How to Implement a Recognition Program?
The leadership-driven recognition of performance metrics can be easily implemented when you follow the right steps as the leader. There should be fair and timely recognitions that everybody can prepare for. Rewarding system should be based on the employee’s preference. Peer recognition should be encouraged by the company along with integrated recognition for daily tasks. It needs to be constantly measured and monitored to find the employee with the best performance.
Employee recognition is a catalyst program that can boost a company’s growth and help to reach success with the help of the workforce.
