Companies are looking to to better develop employee recognition, ultimately leading to retention of talent. Such efforts often include non-monetary bonuses. According to an article at Forbes by Josh Bersin, companies with a “recognition-rich culture,” featuring non-monetary incentives, have 31% lower voluntary turnover.
As reported on the website for the Society for Human Resource Management (SHRM), employees in the United States “can expect median base salary increases of 3 percent in 2013.” The Hay Group, the management consultancy responsible for the research, notes that
“relatively low annual salary increase budgets are limiting the financial rewards available to employers. As a result, organizations are increasingly focused on improving employee engagement and creating a positive work climate for employees.”
While there are many great and affordable rewards programs out there for businesses, such as Kudough, non-monetary recognition can also be utilized to promote a positive environment in the workplace. This recognition can occur in many ways as listed below.
- Regular review for an employee. This includes monthly checkups and quarterly reviews.
- Recognition of an employee in front of the company (whether it be via email or at an all-team meeting) for excellent performance in completing a project, closing a deal, etc.
- Recognition by teams regarding their outstanding team member(s) in front of the rest of the company.
- Recognition across all employee levels, rather than just from supervisor and the supervised.
- Recognition between teams. This can also work to increase rapport across departments and contribute to organizational culture.
- A genuine “thank you.” This can come in the form of a brief email or face-to-face conversation when tasks are completed.
Image courtesy of user Victor1558 on Flickr Creative Commons.