Why recognise great performance?

You have no doubt heard that when people leave their jobs they most often are leaving their boss. What you may not have heard is that many employees also say that lack of recognition is the primary reason they leave.

The cost of losing a good employee is high, not just in terms of time and money to recruit and train a replacement, but there are also hidden potential costs of lost knowledge, customers, project momentum and/or reduced employee morale.

The benefits of performance recognition go beyond simply retaining good employees. Recognition practices, aligned with strategic goals, can boost employee morale, increase productivity, improve quality, drive sales and KPI achievement.

Recognition and reward programs (non-cash) can help motivate employees to continually improve their performance, to be innovative, to manage resources more efficiently and creatively, to achieve higher standards of quality and service.

We recommend strong consideration should be given to how you will keep your good people and evaluate the benefits to your business of a formalised recognition and reward program. We do not suggest token gifts of coffee mugs or company branded apparel to drive strategic value and an ROI for your business. Good employees deserve and are motivated by substantial and meaningful rewards and recognition.

For confidential discussions on how a recognition and reward program may benefit your business, feel free to contact us on 1300 733 725.