How Employee Recognition Impacts SME Success In Australia
RECOGNITION DOES NOT ALWAYS HAVE TO BE ABOUT GRAND GESTURES
At times, it’s the unexpected and impromptu acts that make a difference. To illustrate, let me share two stories with you.
On one occasion, I was working on a major change initiative that was rapidly approaching rollout, and there was a mountain of training materials to review and sign off on before going to print. With the tight timeframes involved, I knew I would have to work through the weekend to finish.
So, I took myself into the office, and by Sunday noon, it was done. I left the completed documents on my desk, ready to despatch the next day. And when I got to work early on Monday, I saw a note on top of the pile saying, “You’re a STAR!”
It was unexpected. I was amazed that someone (my manager) noticed and took the time to make that note for me.
Now, let’s turn to the other story, which comes from one of my coaching clients, an Administration Manager for a logistics company. ‘What are some of the wins you have experienced lately?’ This was one of the questions I asked during our recent coaching session, and the response came back immediately. “A visit from the Chairman”.
It seems that the good work the Administration team had been doing, in particular with managing Accounts Receivable, had not gone unnoticed in the Company. So much so that the Chairman made a special visit to say thank you to the Manager and the Team.
What do these stories tell us? We are all humans, and we like to think that someone notices what we do, especially when we go that extra mile.
Even the simplest acts of recognition can bring the greatest impact. They work because they are real and genuine, and they are spontaneous.
To wrap it up, the solution to retention and engagement challenges often lies in these small yet thoughtful gestures, and positive change starts with you. So, who can you surprise today?
THE SIGNIFICANCE OF EMPLOYEE RECOGNITION IN AUSTRALIAN SMEs
The most recent labour data from the Australian Bureau of Statistics underscores the dynamic nature of the job market, with a notable increase of 6,700 jobs in September compared to August.
However, despite this positive trend, 70% of employers are more worried about talent turnover in 2023 than last year. Plus, 67% of Australian business leaders have faced recruitment challenges and expressed talent retention concerns.
Today, we are witnessing the transition of the labour landscape from the traditional “Employer’s Market” to an “Employee’s Market,” where employees with sought-after skills hold more bargaining power.
What can this shift mean for your small to medium enterprise (SME)? Put simply it means you need to be proactive in both business and HR strategies to consistently secure, engage, and retain top talent.
A solution? Ensuring that your organisation’s most valuable resource—your people—are celebrated and feel valued by implementing targeted and cost-effective employee reward and recognition strategies.
Employee rewards and recognition drive employee engagement among your employees by acknowledging exceptional deeds in a way that suits their needs.
Celebrating your people’s contributions doesn’t just boost their happiness; it fuels their motivation to deliver exceptional work, thus elevating your business’s performance.
Conversely, not paying enough attention to your reward and recognition process can put your SME at risk. As highlighted in our HR Alert, Safe Work Australia has identified that inadequate appreciation can lead to psychosocial and physical hazards in the workplace.
FINANCIAL AND CULTURAL BENEFITS OF EMPLOYEE RECOGNITION
For SMEs, investing in employee recognition has the potential to significantly impact both the financial bottom line and the workplace culture. Here’s further evidence:
INSPIRATION FROM CANVA: HOW A START-UP SCALED UP THROUGH REWARDS AND RECOGNITION
Did you know? In July 2023, Canva was named the #1 Best Workplace for Innovators by Fast Company.
Founded in Australia in 2013, Canva, a graphic design platform, has grown from a modest team of 5 to a $40B powerhouse listed on CNBC’s Disruptor 50. Their story reveals the pivotal role that rewards and recognition played in their success.
Here’s how Canva achieved this:
- Empowerment and Growth: Canva invests in their 3,500+ team members, recognising their learning needs and supporting growth through Canva University, coaching programs, and reskilling initiatives.
- Vibrant Workplace Culture: A dedicated Vibe team at Canva curates a global workplace experience, capturing and highlighting their values, thereby fostering an atmosphere where innovation thrives.
- Celebration of Gratitude: The introduction of Employee Appreciation Day highlights a culture of recognition, ensuring that Canva’s global team feels valued every day.
- Seamless Onboarding: In the past year, 1,350 new hires were welcomed with pancake breakfasts, welcome swag, virtual newbie lunches, and office tours, thereby making them feel valued and appreciated from day one.
COST-EFFECTIVE RECOGNITION STRATEGIES FOR SMALLER BUDGETS
Building a culture of recognition within SMEs need not be a costly process. While larger companies like Canva may have more resources, smaller businesses can implement effective strategies without breaking the bank.
CLICK HERE TO DISCOVER PROVEN SME RECOGNITION STRATEGIES CURATED BY HOWARDCO
RECOGNISING AND EMPOWERING PEOPLE FOR A BRIGHTER 2024: START NOW
As we approach the year’s end, it’s the perfect moment to prepare for a seamless transition into 2024. With only six weeks left, NOW is the time to take action.
If you still have HR-related tasks lingering on your year-end to-do list, such as employment contracts or performance reviews, creating initiatives that celebrate your people’s achievements, or planning SME-tailored programs that enhance retention, reach out to us, your Howardco business partner.
