HOW DOES ADEQUATE ACKNOWLEDGEMENT CONTRIBUTE TOWARDS BUSINESS GROWTH

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business

Every business owner or company starts with a single individual and expand its members slowly and gradually. It is a known fact that the sole purpose of having a job is to have a stable income that can fulfill our lives’ necessities. Employees apply in various firms that offer not only a handsome salary but other benefits as well. We all are either working a nine to five job or planning to have our business. As an employer, you must know the struggle and effort you put in to find a potential candidate and form your dream team. Finding a potential employee who can help you take your company to the glory is not an easy task. Shortlisting the best candidate to make them continue their journey in the long run with your enterprise entails a lot of effort. 

With the advancements in technology and war for talent among businesses, everyone is striving hard to retain their top performers and not lose their assets. These top performers have years of experience and understanding of a system that can assist many business operations in their smooth running. The vacancy only appears if there is employee turnover or someone resigned from their designation. There are multiple reasons for an employee to leave their workplace. 

One of the common causes of employee turnover is low motivation or no appreciation for their work. Every employee works for money, but they will go the extra mile if they get due gratitude and acknowledgment for their services. It is one of the effective ways to retain your best employee and keep them happy. Many corporate award ceremonies nominate their top performers or best employee for the plaque award to appreciate them. The award is an engraved metal plate usually presented to employees as a souvenir or token of appreciation for their services.  

Intrinsic or extrinsic motivation in the form of awards or appraisal letters can boost your employee’s self-esteem and promote business growth. Here is how it can enhance your business growth in the market if you acknowledge your team’s efforts. 

  • Enhancement of company culture

An organization cannot stand without employees. Employees are the heart of any company. They all add to the development of the organization or business through their skills and expertise. Happy and motivated employees have a significant impact on the formation of company culture. A study says that employee recognition or acknowledgment programs enhance the company culture and turn it into a positive environment that can leave a better impression on people visiting the company. The company culture plays a vital role in revisiting a dealer or a client after their first interaction. 

  • Retention of top performers

Your finance manager or HR manager has spent years working for you and has become an integral part of your organization. What will you feel if one of your excellent managers hands you over their resignation? You will feel like you are losing an asset and will try every possible way to retain them. According to a survey, 27% of employees quit their jobs because of no recognition or acknowledgment. Appreciation and acknowledgments work as a catalyst for the human mind. It can enhance your employee’s performance and dedication to have a significant contribution to your business growth. 

  • Happy employees

Professional jealousy or competition is not an alien term. If your organization or business has a recognition program, ensure that it has everyone in the notice. Every employee of yours is putting in effort and skills. Appreciating their actions will not only keep them motivated, but it also develops a sense of ownership. Everyone wants to be in the spotlight. Knowing that every employee has the attention of their leaders will change their pace of performance that will overall ace up your operations and target achievement goals of your company. Happy employees will not only open their other skills to you but will also shoulder any additional responsibility that you have in line for them. 

  • Financial boost

The people in your company working on nailing down your finances are more into looking at hard figures. They are the ones to tell you the expenses that your cloud server might endure and its impact on your company budget. They might also provide you an insight into the estimate of profit generation at the end of the year. Adequate acknowledgment of every employee and giving them social recognition can have an increasing impact on financial activity. It helps in lifting the mood and boosting the morale of employees that can enhance their productivity. A Gallup survey reports that employee acknowledgment can increase profitability by 21% and result in effective workforce engagement.  

  • Employee advocacy

Customers are the core of your successful business. One of the best ways to reach out to more customers is through your employees. Employees can also boost their sales by representing the brand. Appreciated and happy employees are more likely to refer your brand to others. A little acknowledgment can encourage the employees to advocate for their organization in ways that will positively result in their workplace’s growth and success. Employee advocacy also helps in building a strong marketing base for the company and reaching more people. 

Conclusion

The modern age of machinery and business has initiated a war of talent, and every company wants to have the best resources for their operations. People intent to work and present their skills to earn a better income. Workplace efficacy depends on many factors. Employees that work round the clock can often face burn out and need a little boost to get back to their pace. Motivation plays a substantial role in the performance of an employee and their dedication towards the company. Companies or employers believe that a happy employee will give you more than you can expect of them. Motivation has many ways. You can choose a financial reward or bonus for acknowledging their services or can nominate them for an award. Either way, it will enhance not only your worker’s morale but will also lead to a boost in your business.