4 Ways To Boost Your New Business by Recognizing Employees

Boost your business with these 4 simple steps! Start recognizing your employees and showing your appreciation.

Entrepreneurs face a multitude of challenges when starting a new business, from raising capital to marketing properly to keep that cash flow flowing. The biggest challenge, though, might be hiring and retaining good employees.

The hiring process is time consuming and fraught with complications. Are you attracting the right candidates? Are the right candidates even interested in what you have to offer? Who is fudging information on their resume? And will you be able to tell in a face-to-face interview?

The interview process can take weeks as you work around both your schedule and your interviewees’ schedules. Then there’s negotiating salaries, benefits and start dates before they land behind their desks and get to work. And then, only after a few weeks on the job, can you determine if you picked a diamond or a dud.

Phew! A lot, right? Here’s the thing. That’s only the beginning.

4 Ways To Recognize Your Employees

Now that you know you have a handful of diamonds, what do you do to keep them? After all, diamonds are always sought after. There’s little doubt recruiters are already digging in the dirt to find those gems.

Developing good recognition programs for employees is one of the best ways to retain good people. After all, many employees leave good jobs simply because they don’t feel appreciated, according to a Gallup study. That same study discovered that 65 percent of employee respondents hadn’t received any form of work recognition in more than a year. Those that do, stay, according to a CareerBuilder study.

What recognition programs can you implement? Here are x ideas:

1. Monetary Rewards

Perhaps the first type of recognition most employers consider is monetary. If an employee is doing well, rewarding them with a raise or an increase in their bonus is a good way to show your appreciation.

There are other ways to do this, as well. Some companies share exclusives like access to a company suite at a sporting event. Sales groups often reward their top sellers with a week of vacation at a five-star resort or similar venue.

2. Promotions

All employees have an expectation that great work will eventually lead to promotion. Show how thankful you are for the work your employees do by promoting them. Maybe it is as simple as a new job title that fits a move up in experience and responsibility. Or perhaps the way they conduct themselves amongst your team suggests they are ready for managerial duties.

If an employee isn’t ready for a direct promotion, consider tapping them as lead on a special project or bring them into a situation in which they can share their opinion or demonstrate their expertise to higher ups.

3. Public Recognition

Good work doesn’t always lead to raises or promotions, but you should still recognize it. The easiest way to do this is to spotlight your stars to the whole company. You might do this by presenting them with an award or prize during a regular all-hands meeting or through the company intranet.

You can even take it a step further and share their success via social media. Depending on the work the employee is doing, there might even be an opportunity to issue a press release to call out the work.

4. Private Recognition

Not every employee wants to be the center of attention. Some find it uncomfortable, and it is important you know who those employees are. Recognize them with simple acts for their eyes only.

Simple ways to do this include a sincere note or complementary email that calls out the employee’s contributions and thank them for the work. You could also schedule a time for a one-on-one lunch or other small gathering to commend the employee on their work.

Authenticity is key

Regardless of which recognition program you choose, remember that authenticity is key. When recognizing an employee for good work, make sure to recognize the value of the work and the employee’s contribution by showing and telling. Don’t leave it up to the reward to call out the good work of the employee.

Also consider recognition programs for employees who simply need a boost. Recognize hard work and effort, even if that hard work and effort isn’t making the biggest impact it could. Employees who give their all will eventually break through and a moment of recognition can be the thing that does the job.

Employee recognition programs are strategic, as they help retain top talent. When done right, however, they also help elevate the employee’s work experience and propel them to do even better work.