Shortage of skilled workers, employee turnover and demographic change are uncertainties that concern many companies today. The entry of new generations into the labour market and their ideas, needs and values of future employers are also forcing companies to rethink.
This is precisely why employee retention is becoming increasingly important for the success of a company.
Today, a high salary is no longer the top priority; rather, honest appreciation and recognition of employees are decisive for staying or leaving.
A recent study by Hays shows that for 73 per cent of those surveyed, recognition of their own performance is the most important point for loyalty to the company.
The other aspects of the study also clearly show that the “human” behind the “resources” is becoming increasingly important.
But how can employee recognition be improved?
Bonuses, promotions and other tangible and intangible rewards show recognition but they only highlight the employee’s performance and quality in the short term.
Far more important is profound recognition. In the best case, the company shows its employees every day how much it values and recognises them. Here are some examples:
- Signal sincere interest: The manager should show sincere interest in the day-to-day work and regularly inquire about how employees are doing
- Offer praise: Managers should always have words of praise ready for their team. It is very important to be specific in your praise and to tell employees exactly what they value about their contribution to the company and why they think their work is excellent.
- Even small successes, everyday efforts and achievements should be recognised and highlighted. Simple feedback rounds in the team can already be suitable for this.
- Praise should be followed by action. Individual employee benefits are one of the most important forms of recognition. Individual attention makes it possible to respond precisely to the needs of individual employees.
A sense of recognition at work affects employees’ entire lives. Those who feel good and appreciated at work are more productive, more committed and more loyal to the company.
