Investing in corporate culture and employee engagement is a smart way to yield significant returns. In 2011, The Social Workplace compiled statistics on employee engagement and found that when companies increased investment in a positive company culture by 10 percent, they increased their profits by $2,400 per employee per year.
One of the most effective ways to increase engagement is recognizing employees and their successes. In our latest white paper, we’ve take a look at the ways that startups are changing the approach to employee engagement. A key takeaway from the startup mentality is that employee motivation doesn’t have to be tied directly to rewards — it can be inspired through recognition.
While formal rewards and bonus programs can be great motivators, the fact is many startups don’t have the budgets necessary to offer them. As a result of their smaller budgets, startups have stepped out of the box and come up with successful employee recognition ideas that organizations of all sizes can integrate.
Recognizing accomplishments — at meetings, in person or even through emails — shows employees that they are appreciated. Antony Rhine, Business Development Manager at sales automation startup TinderBox, says peer-to-peer recognition is a huge engagement driver for his organization. Each month, TinderBox “passes the Gavel of Success” to the employee who made the greatest impact on the past month’s revenue. This type of recognition drives player-coaching, competition and collaboration, with clear ties to the company’s monthly recurring revenue.
Ideas for Employee Recognition
- Host a weekly or monthly “shout out” meeting where employees are publicly recognized for going above and beyond.
- Buy inexpensive gift cards with your company’s credit card reward program to offer a small, monetary “thank you” for hard work.
- Implement a peer-to-peer recognition program where your employees can nominate each other for awards or shout outs.
- When employees are key contributors to successful projects, managers should openly recognize them in front of leadership. Email recognition is particularly useful as it can assist team members when building portfolios or as they compete for internal positions.
Enhance Your Employee Engagement Strategy
Not only are startups paving the way for employee recognition ideas, they’re setting an example for positive corporate culture and employee engagement strategies. While the extravagant perks or hip office spaces aren’t achievable for most companies, making strategic cultural shifts are an effective way to harness the success of startups. Let our white paper be your blueprint for change that’s scalable for a company of any size. Download your free copy today.