Here’s an example of an expense – recruiting.
Recruiting quality staff is an expense for some businesses.
But, it costs less to keep good employees than to find new ones: retention costs less than recruiting.
Many companies have a tradition of recognizing the milestones of employees’ years of service, for example with 5, 10, 15, 20, 25 year awards.
There are also other occasions for recognition that don’t require waiting years and years!
When a project is completed, team members get recognized. Perhaps finishing a training program merits notice. How about people who learn or present at industry conferences?
We like it when employees come in under budget or come up with a cost saving idea – and we reward them in front of their peers.
Employees are craving more frequent recognition – and most employers aren’t giving it to them.
When it comes to company profitability, employee appreciation is key. Companies that are good at recognizing employees are three times more profitable than those that are bad at it, according to the New York Times Bestseller, The Carrot Principle.
Have a happy, engaged, productive staff.
Give your employees something they will value that says you value them..
Reduce your recruiting costs by using recognition gifts.