Losing your top performers can be a massive detriment to your company’s success. There are various reasons why your top performers are leaving; lack of recognition is one of them.
Recognition refers to the acknowledgment of employees for their exemplary performance. The objective of employee recognition in the workplace is to strengthen particular behaviours and practices that produce better performance results.
Retaining your top performing employees is essential for your company’s success hence recognising your top performers is vital, and not only does it reduce their turnover rate; but also helps you to keep them happy and engaged.
5 Ways To Recognise Your Top Performers
Understanding how to recognise your top performers can help reduce their turnover rate. When top performers feel valued for their work, their satisfaction and productivity levels are likely to increase, and in turn, this motivates them to maintain or exceed their performance.
Here are 5 ways you can apply to recognise your top performers:
Say Thank You
A simple verbal thank you goes a long way in acknowledging your top performing employees as a gesture of appreciation. Do not hesitate to say thank you to your top performers.
Public Acknowledgement
Amplify your top performers’ achievements to the rest of the organisation. Let them be seen by their colleagues. You can highlight their achievements in the company newsletter, publish a blog post on your company website or through weekly/monthly meetings. Such gestures boost motivation, they make them feel like they are seen.
Bonus Programs
Comprehensive bonus programs aimed at compensating employees who maintain or exceed their performance are a great motivation booster and they drive them to work harder when their performance is rewarded. Bonus programs can be connected to performance reviews to make them feel rewarded in proportion to their efforts and contribution.
Give Out Awards
Honour your top performers with plaques. This can be done in the form of a company award ceremony aimed at recognising top performers and their contribution to business goals.
Personalised Incentives
Speak to your top performers and find out what they would really like, ideally something within the company’s budget. Incentives tailored to their interests make it personal.
Final Thoughts On Top Performers
Recognition should be embedded in your company culture. Recognise your top performers and be deliberate about it. A workplace where recognising employees who exceed their performance is the norm is not only beneficial to top performers but also other employees as it motivates/inspires them to learn from their exemplary colleagues.
How does your organisation recognise top performers?