Posted in:Performance Management
Many larger companies have extensive programs in place to recognize employee achievements. This can be in the form of complimentary meals, tangible gifts, paid time off – employee reward strategies are numerous.
That said, even the smallest of companies with the tightest of budgets can make use of a very powerful employee engagement tool: providing feedback. With the advances we have made this can happen in technical and non-technical ways, but the most important aspect to keep in mind is to do it.
The Value of Feedback
When employees perform well, or go above and beyond, a simple email or verbal expression of appreciation can go a long way to boosting morale and motivating the employee to continue to maintain their stellar level of performance. It is human nature to want to do a good job and receiving acknowledgement for a job well done is more valuable than many employers realize. Most people wake up each day wanting to make a difference and contribute positively.
There is a lot of power behind compliments and positive feedback to show you recognize their efforts and the results that they bring. In fact, employees have been known to keep email folders of praise and appreciation, and look back on them when things get stressful and they need some motivation. This costs the company nothing, and yet pays dividends in boosting employee dedication. If you track it, you will likely see a positive correlation between the level of care you demonstrate and the productivity levels of your company.
Beyond that, an employee who is recognized for great performance will likely want to continue that high level of achievement. Without any prompting from management, he or she may even look into professional development opportunities on their own. An engaged, motivated employee who feels they are doing well and knows their work is appreciated is more likely to seek out courses, conferences, and seminars to bolster their skills and knowledge, and may volunteer to take on more challenging assignments. One example, is a seasoned employee with years of experience taking the time to mentor and teach new employees who are coming up through the ranks. Whereby, you can create an environment that continuously builds upon the institutional knowledge within the company versus seeing it leave the door when an employee leaves or retires.
Feedback and Millennials
It is becoming more evident that people thrive on receiving regular and clear feedback, especially millennial employees. According to Forbes magazine, a 2016 survey found that 72% of millennials who regularly receive accurate feedback from their managers find satisfaction in the workplace. It is clear that feedback is a powerful tool.
Not sure how to go about improving the level and delivery of feedback your managers are providing your employees? Your Honiva HR Services Consultant can help you learn how to go about providing feedback, the best level of frequency, and more.
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