Finding the right recognition strategy can be a challenge for companies with thousands of employees. For some, it might not even seem worth the effort in the face of budget constraints and competing priorities.
Not understanding the relationship between employee recognition and organizational success can also be an issue.
In this article, we’ll explore the big role that recognition plays in corporate culture; how HR teams can use it in their favor, and what it takes to build a solid recognition strategy. We’ll even throw in some really good employee appreciation ideas for large companies!
Employee Recognition at Large Corporations
Recognition is a key driver to building successful corporate cultures. It makes employees feel valued and valuable. Common appreciation strategies, including awards, peer-to-peer recognition and wellness gifts, have a positive impact on retention, engagement, and productivity.
Recognition leads to:
Engagement
Motivation
Employee Satisfaction
Appreciation as the Motor of Motivation
The fact is, appreciation can be an extremely powerful motivator. According to Gallup, it provides a sense of accomplishment that boosts employee engagement. Studies have also shown there’s a clear correlation between appreciation, productivity, and company loyalty.
The explanation is pretty straightforward, at least from a psychological standpoint: recognition in the workplace acts as a primary source of positive reinforcement.
In other words, it can target specific behavior and modify it, or celebrate it, to obtain more optimal results.
This is also the reason why recognition has such a profound impact on employee motivation. When accomplishment is elevated and acknowledged, it brings great advantages for organizations.
Motivated employees are:
More engaged
More productive
More committed to their roles
More loyal to their companies
Healthier and happier than other employees
Bolder and willing to take on new challenges
More innovative and prone to think out of the box
Make better colleagues and team mates
The Importance of Strategizing
When it comes to employee recognition, it’s important to be a strategist rather than a tactician. According to research, 69% of employees would work harder if their accomplishments were better recognized. 80% of employees say they are more productive when rewarded for their work.
Of course, there’s a right way to recognition, and a wrong way.
Studies by Workhuman and Gallup indicate that employee recognition needs to be strategic to have an impact on the workforce. In this context, to be strategic means to be:
Authentic
Fulfilling
Anchored in company culture
Equitable
Personalized
7 Appreciation Ideas for 2024
Making recognition a part of your success strategy can save the company millions annually. Recognition is a primary tool for celebrating workforce success, but it also makes good business sense.
Don’t know where to start?
Here’s a list of 7 employee appreciation gifts for large companies in 2024.
1. Employee Recognition Initiatives
Want to show your employees that you appreciate them? Then you need a solid recognition strategy. Start with a policy that defines its purpose, determines criteria, and reflects the goals of the company.
Looking for a practical roadmap to crafting a unique employee recognition program? You can find a 6-step blueprint here.
Already have one? Think of ways to tweak it to make your rewards even more effective. Check out this five-step guide to updating your milestone program here.
2. Celebrating Everyone, Everywhere
Employee Appreciation Day is celebrated on the first Friday of March every year. This is a great opportunity to show the whole team how much you care.
For example, plan a big office celebration where everyone can connect and be involved!
Don’t feel like making a fuzz? Offer a free lunch instead, or some extra time off. Or how about tickets to a sports event? You can also organize smaller activities throughout the week, including fun engagement games, and exciting giveaways.
3. Celebrate Milestones
Yes, celebrating individual milestones and anniversaries can be a lot of work… but it’s worth it! You can also use recognition software to automate the process by adding specific dates to your digital calendar.
This way, you don’t have to keep track of each and every anniversary.
There’s a big online market for employee recognition software. Some programs are pricier than others, so it’s a good idea to look around first.
4. Customized Perks
Going back to the key principles of a successful recognition strategy: stay clear of generic awards, focus on customized perks.
That said, customized doesn’t necessarily mean personalized.
For example, if you want to build your program around discounts, then tailor these to match the interests of your team. Work with local fitness clubs and restaurants, retailers, and lifestyle businesses. Try to offer deals that can actually help your employees cut expenses.
5. Gift Cards
The gift card industry is expected to boom in the coming years. According to analytics from global data and business intelligence platform Statista, the global gift cards market will grow from a $320 billion industry in 2017, to an estimated $510 billion industry by 2025.
You can easily incorporate gift cards into your existing recognition program (if you haven’t already) – or build a successful gift card incentives program. Gift cards offer rewards from a huge selection of brands across most industries.
All you have to do is determine the value of the gift card – which can be big or small depending on the size of the achievement.
6. Health and Wellness
Health and wellness in the workplace have become a top priority for many organizations. Creating a wellness culture can be done on a macro scale through corporate wellness initiatives, work-life policies, and other resources.
Here are some good ideas to incorporate:
Fully funded gym memberships
Access to virtual healthcare
Mental health counseling services
Resources for childcare
Extended paid parental leave
Mindfulness apps
Want to learn more about designing an employee health and wellness program? Here’s a guide.
7. Holistic Benefits and Career Advancement
Employee satisfaction goes beyond bonuses and pay raises. Offering professional development opportunities is a powerful way to show that you value personal growth at the company. It’s also a way to futureproof the workforce.
Talk to the team and find out how they envision their futures. This will make it easier to provide access to relevant training through workshops, online courses, and certifications.
There’s Profit in Appreciation
The problem with large businesses is that employees often end up feeling like ants in an anthill. The lack of appreciation strategies can exacerbate this, leading to demotivation and dwindling morale.
But that won’t happen with the right kind of recognition strategy. As a result, you can elevate your employees’ morale and level of engagement, which often results in increased company profits.
If you’re unsure where to start, why not start right here? With these employee appreciation ideas for large companies, you can rekindle your team's spirit and make it shine brighter than ever before!
About GoGift
GoGift, a leading global provider of gift card solutions, specializes in offering innovative and versatile gift card services to over 15.000 corporate clients worldwide. With a commitment to simplifying the gift-giving process, GoGift provides a broad range of gift card options from numerous popular brands, catering to a diverse array of tastes and preferences. Their services are designed to enhance the gifting experience, making it more convenient, personal, and enjoyable for both the giver and the recipient.
For more detailed information about GoGift, please visit their official website: https://www.global.gogift.com/