What Happens if You Don’t Reward Your Employees?

Nothing is free in this world. Employees work for money and businesses run on money; money is the endgame. Businesses that expect more from their employees should start anticipating the drive that propels people to go the extra mile. 

Employees in companies that prioritize employee recognition are 56% less likely to actively seek new employment, as reported by a recent survey conducted by Gallup and Workhuman.

Praise, rewards, and gratitude — are the most genuine and humane drives that compel people to go beyond their performance. The one thank you, the one authentic smile from the boss, the one pat on the shoulder, or the one precious personalized corporate gift that puts the spotlight on the recipient; all of these are small yet big positive triggers. 

These triggers can push people and businesses to advancement, innovation, and exceptional growth. Hence, businesses require well-planned reward and recognition programs that can boost the essence of “going the extra mile” by motivating and inspiring employees to deliver the high-performance. 

What If?

Businesses do not plan to reward and recognize the hard work of their employees. Some reports have shown the numbers. Surprisingly, 83% of organizational leaders do not consider employee recognition as one of their strategic priorities, contributing to the ongoing challenge of retaining valuable talent.

Lesser Employee Retaining Score 

An employee tends to quit a workplace where a lack of recognition exists. Despite the increasing rates of employee turnover, the lack of workplace recognition stands out as a primary factor.

Retaining employees through premium corporate gifts programs is the most affordable route to increase the retaining stats. According to Josh Bersin’s latest research on recognition, organizations with a culture that emphasizes employee acknowledgment experience a notable 31% reduction in turnover rates.

Read related blog : How does Corporate Gifting during the Diwali Season Boost Employee Engagement?

Negative Workplace Experience 

Millennial workforce in companies look forward to receiving recognition for their achievements. They are very vocal in expressing their discontent and disappointment. Consequently, these expressions lead to a negative rating of a workplace. Industry reports have indicated that 75.4 million millennials give priority to employee experience. 

Downfall of Productivity 

Those businesses that lack reward & recognition programs face challenges in workplace productivity rates. Praising, and rewarding, are recognized as crucial in fostering better employee relationships with the company. Highly productive employees often result from a sense of being valued, heard, and nurtured in the workplace. According to a SocialCast survey, 69% of employees believe that they would exert more effort in their work if their contributions were acknowledged and appreciated.

No Recognition Without Rewards 

There is no true recognition without rewards. A simple gesture of offering a rewarding experience is much more than just a “thank you”. Unlock the supreme power of reward & recognition programs that can transform the vibe of the workplace. Engaging in immersive and engaging gestures can significantly contribute to building positive relationships with colleagues and positioning oneself as a potential leader in the market space. 

Companies fostering a culture of recognition witness tangible benefits, ranging from enhanced bottom-line performance to increased employee satisfaction.