Award Employees

Are Your Employees Frustrated, Burnt out or Uninterested?

Human Resources IQ brings us this enlightened article on employee engagement.  Over the last couple of years, our economy has caused unbelievable anxiety in the ranks of employees all over the country.  Pressure to do more with less, improve performance and increase profits is now the norm.  Employees are working as hard as they can and many voice the same opinion… “I’m just happy to have a job!” 

So, if they are frustrated, burned out or uninterested, could you blame them?  

As the article mentioned, is there a silver lining? 

The economy seems to be shifting and the weight of financial stress may be beginning to lift, but unemployment stubbornly stays above 9%, and more frightening, the under employed number approaches 20%.  That’s a scary proposition for management who need engaged workers to improve performance.  So what can you do for your employees that will help retain them and boost your organization’s performance? 

While certainly not a panacea, reward and recognition efforts can be your ticket to a healthier, higher-performing organization. And by rethinking your compensation, rewards and recognition strategies, you will be on the road to continual success. 

According to HR IQ, “creating a climate of appreciation, encouragement and recognition can go a long way in improving the overall outlook of the company and potentially increase competitive advantage.”

Let’s look at some interesting facts:

•       Companies with the most engaged employees report revenue growth at a rate 2 ½ times greater than competitors with the lowest levels of engagement.
  (source: an Employee Engagement Survey conducted by Hay Group)  
•        A recent study reported in Incentive showed a direct correlation between the perceived use of recognition and profitability in organizations. Over a six-year period, the financial return of companies in Fortune’s Best Places to Work list has been shown to be 233 percent higher compared to the market average, and companies with higher employee satisfaction scores have been shown to have a 700 percent higher shareholder return.  
•          Studies show that individual employee incentives can improve performance by as much as 27 percent and that team incentives can lead to as much as 45 percent improvement in performance.
  (source: Incentive Federation)
•          Studies show that employee engagement scores account for up to 50 percent of the variance in customer service scores and that disengaged employees are over 85 percent more likely to leave.
  (source: “Eight Ways to Engage Employees and Power-Up Performance During a Recession”, Roxanne Emmerich)  

As the downturn in the economy has impacted compensation and reward strategies, you need to find alternative ways to show your employees how much you appreciate them.  Employee recognition is a simple way to keep your employees engaged. A simple thank you and using a minimum $50 award like the Award of Choice can go a long way toward an engaged workforce.