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How Can Awards Reduce You Staff Turnover Rate?

If you don’t have an employee award program in place in your business you could be missing out on an amazing opportunity to not only save money for your business in regards to recruitment fees and training costs, and transform the atmosphere within your workplace among your staff members.
Things like trophies and awards may seem like trivial things for a business to worry about but you’d be surprised at just how quickly your bigger problems are resolved when the smallest tokens of gratitude are given to the people in your team that make your business a reality and the success it is today.
A high turnover in staff is a sure fire way to kill a business quickly. Every time a member of your team leaves you will need to spend time and money finding a new member of staff to replace them and then training them up to be as good as the person that left before. A changeover in staff can result in a great deal of lost productivity and expense.
The wages for the new starter are given even though the new starter is still learning, taking longer to do tasks and needing hand holding from other members of their team, along with a need to pull employees from other parts of the business to show the new person the ropes so they fully understand the business. This then results in two members of your team not working at full potential and this will begin to damage and hurt your bottom line.
Research shows us that the biggest reason people leave a job is not because of the money or even the lack of growth or advancement within the business, but they actually leave due to a lack of appreciation – it’s not being recognised for their hard work that makes people leave a business in search of greener grass on the other side.
If you create a employee award and recognition scheme within your business you will be giving glass awards or trophies to members of your team and this will show that you recognise their hard work, the effort they put in and the positive impact they have had on your business. This will then go on to increase their job satisfaction and it will be less likely that they choose to leave your business in the future.