“Employees work for wages, but they only strive for value.” So, unless you make them feel valued, all the money that you spend on hiring and nurturing them will go in vain. As an employer, it is your job to acknowledge the hard work that your workforce puts in and appreciate them from time to time. In the present day scenario, corporate life is incomplete without the R&R (Rewards and Recognition) Programs. It is considered as the most effective way of honoring the working professionals in any organization.
However, nowadays it is not the only way to show gratitude to the employees. There are a number of compensation policies and benefits schemes that companies indulge in to do the same. For example, comp off leaves, employees’ provident fund, employees’ state insurance, gratuity among others. You can organize orientation programs for the staff to spread awareness about such initiatives and discuss topics like comp off applicability, gratuity calculation formula and EPF and ESI eligibility.
Now, in case you are still unable to understand the significance of appreciation at the workplace, let’s see what are adverse situations that can arise if you do not reward your employees:
Increase In Absenteeism & Tardies
Just like kids at home become lazy and reluctant to do anything productive when not prized for every achievement, the employees also need a pat on the back every once in a while to keep moving forward. If they see their efforts and hard work go unnoticed, chances are that the employees might lose interest in their work. As a result, they frequently start coming in late or showing up less at the office. They would rather spend more time somewhere their actions are identified and recognized.
Decrease In Numbers/ Productivity
As a consequence of the lack of recognition and the increment in frequent absenteeism and tardiness, the numbers and productivity of employees are compromised. For any organization, the most vital and ultimate aim is to make the business grow. So, it all comes down to the fact that you should take note of the performance of the personals working with you and always reward/ award the ones who stand out.
Drop-In Employees Satisfaction
Employee satisfaction is the key to all workplace-related matters. Not getting enough returns or not having complete knowledge of the benefits that the employees get such as online PF withdrawal, ESI calculation, and gratuity calculation formula results in dissatisfaction amongst the employees. So first, in order to make them feel good about the job, it’s imperative to engage in award/ reward ceremonies in an organization. Second, if they do not know how, why and when it is done, how would they be happy about it? Hence, always tell them about it!
Damage To Team And Company Culture
Healthy competition should always be maintained among colleagues in any organization. So, what do you exactly do to induce this contesting in them? You start giving them quantifiable targets to achieve and conduct tests, quizzes, contests and competitions that have winners. After all, the whole point of orchestrating these events to announce champions at the end. Failing to establish this kind of relationship amongst employees and a positive atmosphere in the company can spoil the team spirit, team performance, and even the company culture So, this step is a must to make them strive and be motivated to work.
The Danger of Spike In Attrition Rate
This is the worst-case scenario! A long-term business relationship is always the give and takes type. So, when your employees are working so hard to achieve their targets and helping your company grow, you can appreciate their efforts and reward them from time to time. But, in case you are not at all involved in the reward programs in your organization, it will ultimately lead to unhappy and demotivated employees. And this can end up in massive employee churn down the line due to the job dissatisfaction.