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Peer-to-peer recognition is a feasible technique to create such an environment. This is because, even before the epidemic, managers frequently struggled to keep track of the actions of every single employee for whom they were accountable, and working remotely has only made this more difficult
FREMONT, CA: Employees are at the heart of any successful organization, which is why the top employers recognize the value of employee recognition and its benefit not only to individual performance but also to the firm's overall performance.
The main benefit is increased motivation, with two-thirds of employees indicating that the presence of a corporate recognition program makes them more inclined to continue at their job. However, acknowledgment not only increases retention but also improves productivity and overall employee output.
There is a widespread notion that acknowledgment must be monetary, such as rewarding an employee's performance with a financial bonus. However, this is not the case for smaller organizations wanting to improve employee performance.
Here are some cost-effective ways SMEs should recognize their employees:
Although it may appear quaint, publicly recognizing employees through programs such as "employee of the month" can go a long way toward increasing an individual's self-esteem. A framed portrait on the wall is no longer necessary, and for some employees, it may be their worst nightmare, but a regular roundup email highlighting people's triumphs or a joyful social media post would be a terrific substitute.
Over half of employees want greater recognition from their boss or supervisor, and public acknowledgment is one of the most effective ways to accomplish this. Publicly expressing gratitude not only informs the employee that their accomplishment is something that their management admires, but it is also good enough to pique the interest of the entire organization. This makes workers feel valued for their job and provides them a feeling of how their individual efforts contribute to the total corporate output.
As valuable as monthly recognition prizes are, it is critical that business owners create an environment in which good work is recognized regularly and timely. Immediacy is critical because positive behavior that has earned praise is more likely to be reinforced if it is highlighted as soon as possible.
Peer-to-peer recognition is a feasible technique to create such an environment. This is because, even before the epidemic, managers frequently struggled to keep track of the actions of every single employee for whom they were accountable, and working remotely has only made this more difficult. On the other hand, co-workers are more tuned in and attuned to the daily activities of team members, making it much easier for them to notice good work. According to Harvard Business School research, it is also just as beneficial as praise from management, with positive acknowledgment from co-workers increasing an employee's performance by 7 percent.
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