Lack of recognition is the #1 reason people leave their jobs, and the Great Resignation shows no signs of sudden departures slowing down. A recent survey reveals that almost half of employees in the US are actively seeking out new job opportunities.
And while this is troubling information to any business leader, the news isn’t all bad.
In fact, 68% of HR professionals say that employee recognition positively impacts retention, which means you could solve your retention problem by investing in an employee recognition program.
Not sure if you’ve got the budget? Consider this: replacing an employee can cost up to 1.5 to 2 times an employee’s salary to begin with. That means your investment in saying thanks, giving public praise, and rewarding employees as part of your culture can reap serious ROI.
Employee recognition doesn’t have to be a time suck, paperwork nightmare, or every-manager-for-themselves kind of effort. Giftogram makes it easy to get everyone on your leadership team set up with the tools they need to regularly recognize standout employees. Check out these five ways you can lean on Giftogram to help you engage and retain your company’s MVPs.
When an employee launches a highly-successful project or record-breaking performance, don’t forget to make a fuss. Recognizing stellar work at the moment it happens encourages that star employee to continue to do their best at your company and not at a competing one. Not to mention, their peers will see that good things happen when they engage at work, which creates a culture that supports high performance, along with the kind of creativity, initiative, and risk-taking that leads to innovation.
Quick Tip: Employee recognition is most effective when it’s done on the spot, so empower managers to dole out rewards right away. With Giftogram, you can set a rewards budget for individual departments, and managers log in to their own account and pull from that allotted cash to send digital gift cards to awesome employees in an instant. All transactions are instantly recorded and report-ready, so you can keep tabs on rewards budgets and usage across the company.
Whether you’re working remotely or back in the office, those big cross-departmental collaborations are happening, and you can bet that somebody on the more junior side is standing out as a future leader. Nurture employees’ leadership potential by acknowledging their willingness to jump in and take the reins because if you don’t, they’ll look for a company that will. Without any form of recognition or career path, over 70% of employees considered high risk for retention say they need to leave their current company if they want to advance in their careers.
Quick Tip: While instant promotions aren’t too likely, you can recognize employees’ talent and skills by implementing collaborative career pathing and celebrating as they achieve the milestones that come between today and their next big step at your company. Calling out milestones like completed stretch assignments with gift card rewards via Giftogram lets employees know that you see them and value them, even on the way to their more
While sectioning off an area at the local Chili’s to host your own version of the Dundies is a little much, you can and should reserve a moment to recognize employees whose work and dedication have made a difference in your recurring all-company meeting. Public praise doesn’t cost a dime, but its effects are priceless. That said, it can’t hurt to pair a monthly or quarterly award with a gift they’re sure to love.
Quick Tip: With Giftogram gift cards, you can upload your own custom design and company logo for free. That means you can have an official prize that bears the name of your employee recognition award in a design your art department dreams up, along with your company logo. (Or, you can use one of our cheery recognition designs and add your logo to that at no charge!)
With the wave of resignations over the past two years, many employees have stepped up to fill the gaps without a proper pay raise. Of course, giving a raise or promotion often comes with the need to hurdle over lots of red tape, but that doesn’t mean you should hold back from letting those stand-up employees know how much their efforts mean to the team.
Quick Tip: If the paperwork involved with petitioning for a raise notoriously takes a fair amount of time, use Giftogram’s ever-flexible rewards to make that ever-patient employee feel like their work in the interim is valued. Because Giftogram’s 200+ retailers range from Amazon and Target to Nordstrom and MLB Shop, employees can decide whether they’d like to use their gift card for everyday necessities or a well-deserved treat.
As for the folks who stick with your company for the long haul, they deserve a shout-out, too! They’re the ones who’ve held it all together through lockdowns, turnovers, and everything in between, after all. Make employee anniversaries the milestone they should be with a gift and note of appreciation from your company to mark another year on the team.
Quick Tip: Giftogram allows you to automate employee anniversary gift cards, so you’ll never miss someone’s special day. All you need to do is input anniversary dates, choose your gift card design and denomination, add your message, and you’re set to effortlessly celebrate every anniversary that passes.
Giftogram takes the hassle out of employee recognition with streamlined corporate gifting solutions that delight you as much as they do your employees. Create a free account online or call (973) 887-1600, and the Giftogram Team will give you a hand.