One of the most often overlooked benefits of recognizing current employees is the effect it has on future recruits.
The labor situation has become a “sellers’ market.” The number of vacant jobs is the highest it has been in 14 years. Five million positions are currently unfilled with only about 2 million people “looking.” Future employers have to find ways to stand out.
The best candidates will weigh everything. From how the job pays to what it offers in terms of potential advancement. But employees who have the most to offer, will also be curious about how, when and why you recognize people.
Chances are, the reason good people are on the market at all is because they feel unappreciated in their current roles. They don’t feel that their current companies care about them, and will want to make sure you do. A lack of recognition is the number one reason why workers start eyeing new opportunities.
Companies that publicly applaud their best employees do more than show their appreciation. They also show top talent that this would be a good place to work, that it’s the type of place you should come to. The message is clear: here you will be appreciated and acknowledged. Sometimes that’s enough to win the battle for top recruits.