45% of all businesses fail within the first five years of being open. Many businesses fail because they are unable to keep their employees around. This is known as employee retention.
If your employees keep quitting, you might be wondering why. It usually has to do with the employees not feeling appreciated or acknowledged. This is why it is so important to use custom corporate awards.
But what are these awards and why are they important for retention rates? Keep reading and learn more about how it works below.
Why Do You Have a Low Employee Retention Rate?
Before we explore custom awards, let’s take a look at why you might have a low employee retention rate. There are many reasons why this might be. One of the main reasons is that your employees don’t have any room to grow.
This will make them feel that they aren’t going anywhere in their position. They might be stuck in the same position for many years and expect to stay there for many more. This can make your employees feel depressed and underappreciated.
They may feel more like a pawn in your company than a real person. No one wants to stay stuck in the same place for the rest of their life. If your employees feel this way, they will quit.
You can hire new employees to replace the old ones, but you will find that this will create an endless cycle. Once your new employees find that they are not growing in your business, they may end up quitting too.
This is not a situation you want to find yourself in. Constantly hiring new people to replace old employees is stressful and not sustainable. Another cause of low employee retention is when your employees feel invisible.
Your employees might work hard every day but not receive any recognition for it. This can make your employees feel that their work doesn’t matter. This may cause your employees to slack off.
This is because they likely would not receive any more or less attention if they slacked off. It would be no different than working hard for them. But this change in work ethic would affect your business.
It may create low-quality results and products. If employees don’t feel appreciated at all, they will quit. They will find a new job that appreciates their hard work.
Little feedback also plays a role in low employee retention rates. Without feedback, your employees won’t know if they’re doing a good job or not. This can make them feel unaccomplished and that their work doesn’t matter.
They will feel invisible and small in the workplace. They also won’t know how to improve their work so they can contribute in a meaningful way to the company. Many business owners and executives don’t think about these little things.
But these details are very important if you want to keep your employees around. So, what can you do to boost your employee retention rate? Custom corporate awards will play a big part.
Awards Recognize Talent and Hard Work
Many people think that corporate awards are for older employees. After an employee has worked in the same position for a decade or two, they may receive a special award. But times have changed.
Awards are now beneficial for all sorts of employees. This goes far beyond older employees. Statistics have shown that employee rewards can do a lot for employee retention rates.
Rewards can increase employee productivity and morale too. But how? You can give out custom awards for a variety of reasons.
The point is to make sure an employee is recognized for something special. Suppose that an employee is very good and fast at writing informative content. This employee might be better at writing compared to other employees in the same position.
The employee might also work harder than other employees. It is important to acknowledge this extra work and dedication. Giving out an award to this employee would be a good idea.
It would give the employee the recognition that they deserve. It also shows that the higher-ups have recognized the hard work that the employee has put into the company. This makes the employee realize that their hard work is seen and not ignored by the company.
This will motivate the employee to keep working hard and producing high-quality content. Rewards will make the employee less likely to slack on the job too. This is because the employee understands that it matters how hard she works.
If the worker slacks off, they will no longer get recognized or praised for their accomplishments. Giving a custom corporate award to an employee can also be motivating to other employees too. The other employees will see that if they work hard, their work will also get acknowledged and rewarded.
What You Need to Know
Having a reward system for your company is very important. If no one is ever rewarded for their hard work, they may feel that their contributions are worthless. They will stop caring about their work and the company.
They won’t care about their quality of work because the company doesn’t care about them. Showing that you care about your employees is very important. This will make your employees more loyal and hard-working.
It will also make it more likely for your employees to stick around when they feel appreciated. Giving a custom award is a very simple and effective way to do this. There are many different types of awards you can choose from.
Some are made of glass while others are carved from acrylic. Others may be plaques or ribbons to commemorate an event or accomplishment. Others may reward a particular milestone that an employee accomplished.
The point is to reward an employee for something special. This can be anything from accomplishing a big project to working overtime for several months. If you know that some of your employees are working extra hard, they deserve acknowledgment for that work.
Customized awards are better than generic awards too. Generic awards may only be a sculpture or a plaque. But a customized award will specifically address the employee in question.
This has more of an effect than a generic award. The employee can view their name and accomplishment on the award. This will give the employee a certain sense of pride and accomplishment.
Giving out awards once in a while will keep your employees on their toes. They know that if they work hard, they will get rewarded instead of being treated like they’re invisible.
Awards Encourage More Teamwork
It can be hard to get your employees to work together. Many of your employees might prefer to work alone. But this can become a problem for your business.
If none of your employees are working together, your company won’t have a very good workflow. Work production might be slower too because everyone is focused on working alone. Lone workers also aren’t good for employee retention.
Employees may feel that there is no opportunity for teamwork. This is especially true if your workplace culture isn’t great. This may promote isolation and loneliness in the workplace.
Isolation can lead to slacking off and poor work production. This is because workers may feel that they are not part of the company’s bigger picture.
Again, this can lead to low employee retention rates. Your employees may quit if they feel unhappy or isolated in their current environment. Working as a team is more efficient, but how can you promote more teamwork?
Giving out corporate awards can help. Suppose there is a group of people that works together. Most of your other employees prefer to work alone.
Giving an award to the cooperative group will show that teamwork is appreciated by the company. Working together will provide more efficient and faster results. This will also lead to higher-quality work and better production in the long-run.
What to Know
Isolated work is slower and more tedious. Teamwork also shows your employees how to work better together and get along better. This can improve your work culture and environment.
A healthier work culture will also improve productivity and behavior in the workplace. Rewarding teamwork will promote more teamwork throughout the workplace. Rewarding one group or even a few people working together can go a long way.
This will act as an example to your other employees. They will see that working together is a good thing and may get rewarded. Teamwork is also easier than working alone.
Employees can rely on each other to get a job done. This is in contrast to employees stressing themselves out because they are doing all the heavy lifting alone. Rewarding your employees in this way will make them more likely to stay in their positions.
This will improve your employee retention rates. The group who got the reward will also be motivated to work harder in the future. This will ensure that they are appreciated and valued by the company.
Awards Encourage More Friendly Competition
Friendly competition is always welcome in the workplace. But your employees won’t have much competition if no one is ever rewarded for their work. You might have one employee who works very hard and one who slacks off.
Not acknowledging your employees shows that it doesn’t matter how much or how little they work. Then suppose you reward the employee who always works hard. The employee who slacks off may feel more motivated to work harder.
This is the core of friendly competition. If one employee gets an award, other employees will want to get one too. They will have to work harder to get one.
Once more employees are working hard, an award should only be given to the hardest-working employee. It only makes sense to give the award to the employee that does the most work and accomplishes the most in the workplace. This will create a very hard-working work environment over time.
This friendly competition is good for employee retention for several reasons. It will make your employees more invested in the work they are doing for the company. They will try to do their best so they can be rewarded for their efforts.
Focusing on their work gives employees purpose in the workplace. It leaves no room for slacking off or moping around.
What Else Should You Consider?
Employees will look for extra projects they can do so that they will have an edge over the competition.
This will improve your business’s work productivity. The harder your employees work, the better your business will do. The quality of the work should increase as well.
Employees will do better at double-checking their work and making sure that everything is in order. Every employee wants to have the chance to be recognized for their efforts. Friendly competition can make this possible and can be great for your business too.
If you can’t decide between several hard-working employees, you can always give out several awards.
This is a great way to make sure that your most talented employees stay satisfied. It will also keep your other employees motivated.
All about Custom Corporate Awards
Custom corporate awards are worth more than you might expect. Employees love feeling appreciated and valued in the workplace. Custom awards will accomplish that.
These awards can also motivate your employees to work harder in the future. It will show that the actions of your employees do matter in the company. To learn more about these awards, check out our selection.