Employees are every business’s best asset, but do they feel valued? If the answer is no, organisations are at risk of losing valuable talent and being unable to attract qualified candidates to fill open roles.

According to a Gartner survey last year, 26 per cent of Australians said that a lack of recognition was the main reason for changing jobs. Staff who feel their work is taken for granted are now more likely than ever to seek more fulfilling opportunities elsewhere where their talents are adequately remunerated and appreciated.

The line, ‘You don’t know what you have until it’s gone’ rings true here, where businesses must realise the talent in their ranks is crucial to their operations and an invaluable asset to the company.

So, why should employee recognition and rewards be a focus for businesses?

Employee recognition can come in many forms, but it essentially boils down to how your business shows its appreciation to employees. Being noticed for hard work will not only make your staff feel valued in the workplace but can also lead to increased employee satisfaction and boost productivity.

When staff are not recognised for their efforts, it can lead to a feeling of isolation and discouragement, so acknowledging hard work has a profound impact on employees.

Letting your staff know they are valued brings these benefits:

1. A more satisfied and productive workforce

Employees are one of the most valuable assets to your business; without them, you wouldn’t be able to operate and provide a service to your customers and clients. Higher productivity is a goal for most businesses, but this won’t be achieved without making sure your staff are rewarded and recognised for their hard work. If done properly, employees will start to feel more satisfied and engaged with their roles, leading to an increase in productivity.

2. Trust is a two-way street

Open and honest communication is the first step towards building a trustworthy relationship with your employees. Showing well-deserved appreciation to staff for their efforts can also go a long way to making them feel like an indispensable part of your business. From this, you’ll also start to create a sense of loyalty and trust in not only your business but its values and management.

3. Employee retention

It’s a fact that staff who feel like they’re highly valued and appreciated are more likely to stay. Retaining top talent and qualified employees is proving difficult now, especially as the job market is heavily in favour of the job seeker. However, businesses simply saying thank you and rewarding the hard work of employees can mean the difference between people staying or going.

Recognition can be as simple as a thank you

Showing appreciation to your employees takes a few minutes out of your day. The impacts this small action has will radiate around the workplace and can help to build and maintain a positive working environment. Here are some tips on how to improve employee recognition:

Create opportunities for meaningful recognition

The last thing you want is for your employees to feel they are at a roadblock in their careers. Providing opportunities for training and development so they can grow skills and encouragement to take on more responsibilities will help your staff feel like they matter, their efforts are noticed, and they’re valued.

Make it matter, make it personal

An impersonal or generic recognition means nothing and can do more harm than good. Recognising and rewarding employees should be done in a way that feels personal and references specific achievements or accomplishments, for example, excellent work on a project or presentation.

Get everyone on board, spread the word far and wide

Don’t only thank in private, make sure this thank you is posted in places where colleagues will see, like internal communications platforms like Teams or a company-wide newsletter that reiterates the achievement and appreciation of this person.

Use software enableHR when giving back to your staff

One of the handy features inside of enableHR is its ability to create Alerts and Reminders for all your employees, volunteers, and contractors so you’ll never forget important anniversaries, birthdays, or event. And, using the Notes feature, managers can record all of the fantastic recognition and rewards staff receive.

We believe HR should be simple. Simple enough for you to run your business confidently. Inside enableHR is everything you need to manage the entire employee lifecycle, from recruitment and onboarding to managing your people and termination. If you’d like to see enableHR in action, contact us to learn more about how we can help your business