Still haven’t jumped into an employee recognition program? Some business owners wrongfully assume that employee recognition isn’t worth the investment. Unfortunately, though, this only ends up hurting their business in the long run. Overlooking or turning a blind eye to your employees can severely affect your business in several ways.
There’s a lot of misinformation about employee recognition floating around out there, leading many businesses down the wrong path. To help separate the facts from the fiction, we’ve compiled a list of common employee recognition myths.
Employee Recognition Myths #1) It’s too Expensive
The first and most common Employee Recognition Myths is that many business owners believe is that employee recognition is expensive. Do the math… cutting a high-dollar bonus check to your employees each and every month can certainly strain a company’s finances; however, there are dozens of alternative ways to recognize employees without cutting them a bonus check in turn saving company dollars and creating a long term award that can be displayed for exposure on a daily basis!
Here are some non-cash ways to recognize employees for their hard work and dedication:
- Personalized plaque
- 3D trophy or statue
- Newsletter bulletin
- Gift card
- Free dinner or lunch
- Gift basket
Myth #2) It Doesn’t Work
Another all-too-common myth is that employee recognition simply doesn’t work. Some business owners believe that payroll alone is enough to keep their employees happy. After all, that’s why most people choose to work in the first place; however, several studies and polls reveal the true importance of employee recognition.
A recent poll found 54% of workers would leave their current job if their boss or manager didn’t recognize them. This is a stunning number that should serve as an eye opener for all U.S. businesses. Recognizing your employees on a regular basis reduces turnover rate, improves morale, boost workplace productivity and much more. With such a vast amount of benefits, can you really afford not to recognize your employees?
Myth #3) It’s Time-Consuming
Employee recognition is only time-consuming if you allow it to be. It only takes a couple minutes out of your day to order a brilliant, personalized trophy for an employee of the month, but that short investment of your time will prove well worth it in the long run.
These are just a few common myths people have about employee recognition. Hopefully, this blog post will shed some light on the subject, allowing you to see the true importance of recognition in the workplace.