In the accounting industry, it's easy to feel like you're just a small cog in a big machine. The work can be long, complex, and stressful, and often, it seems like nobody notices the effort you put in unless something goes wrong. I know this because I've been there myself.
That's why it's essential for companies to prioritize employee recognition. A survey conducted by Globoforce found that 82% of employees who were recognized stayed with their employer for at least another year, compared to only 65% of those who were not recognized. While Bersin & Associates found that companies with strong recognition programs had a voluntary turnover rate that was 31% lower than companies with weak recognition programs.
But it's not just about handing out generic gifts or bonuses. It's about creating a meaningful connection between the employees and the company, staying true to the organization's values, and supporting the work employees do.
Why Employee Recognition is Important
Employee recognition has always been an essential aspect of effective management. However, with the increasing competition for talent, how organizations demonstrate their appreciation for employees has become more critical than ever.
When employees feel appreciated and valued, they're more likely to stay engaged, motivated, and productive. As a manager, I know that low morale and lack of appreciation can lead to low productivity, boredom, and a sense of meaninglessness. That's why I make sure to acknowledge the hard work and accomplishments of my team regularly to boost employee retention, engagement, and performance.
So, to my fellow managers out there, don't overlook the importance of employee recognition. Let's prioritize it and make our workplaces better for everyone.
Does It Always Work?
While implementing an employee recognition program can bring many benefits, it's not always easy to get started. Some organizations can face common challenges like:
- Lack of support from leadership: Without buy-in from the top, it’s not likely that the program's benefits or even participation gets promoted.
- Lack of employee participation: If employees don't feel engaged or motivated, they may not participate in the recognition program, leading to a lack of impact.
- Lack of resources: A successful recognition program requires time, money, and effort to create and maintain. Some organizations may struggle to allocate these resources.
- Inconsistent application: Recognition programs must be applied consistently and fairly to avoid perceptions of favoritism or bias.
To overcome these challenges, here is our short guide to creating a successful employee recognition program.
How Your Accounting Firm Can Boost Employee Recognition
To create a successful employee recognition program, you should consider the following steps:
- Define your goals: Different problems require different solutions. If you want to boost productivity, a goal-based rewards program can be a good option, but it can be counterproductive for employees looking to get out of the rut or develop new skills.
- Get buy-in from leadership: Ensure that your accounting firm's leadership team supports your employee recognition program, they are the ones to make it work.
- Ask for employee feedback: Gather input from your employees on what rewards and recognition they would value the most.
- Establish clear criteria: Develop a clear and transparent process for recognizing employees, such as a nomination and selection process. Make sure it can vi visible to everyone.
- Measure and evaluate: Measure the impact of your employee recognition program, and adjust it as needed.
- Communicate regularly: Communicate with your employees regularly about the program's goals, criteria, and benefits.
- Don’t forget about the little things: A simple everyday thank-you can go a long way to motivate employees. If this is absent, the recognition program is likely to be received as an empty and insincere effort.
Best Employee Recognition & Rewards Ideas
There are many ways to recognize and reward your accounting firm employees. Here are a few examples:
Recognize achievement milestones: Celebrate employees' milestones, such as work anniversaries or completion, especially on team projects. You can do this with personalized gifts, bonuses, an extra day off, or a company-wide announcement.
Send a spot bonus: Surprise employees with a bonus for a job well done. This can be a great way to show your appreciation for their hard work and encourage continued high performance.
This feels especially good when the company has achieved its goals or is on a roll, it shows that you couldn't have done it without your team.
Start friendly competitions: Create a competition within your team to encourage emotional connection apart from the job like a meme challenge or bring-breakfast Fridas.
Professional development opportunities: Offer opportunities for employees to attend conferences, take courses, or pursue certifications to improve their skills and advance their careers.
Flexible work arrangements: Allow employees to work from home, adjust their hours, or take time off when needed to help them maintain a work-life balance and reduce stress. If you already have flexible arrangements, go further by giving monthly days off.
Team-building activities: Plan team-building activities, such as company outings, volunteer events, or team lunches, to help foster a sense of camaraderie and collaboration among your employees.
What Employee Recognition Tools Is Your Company Gonna Use?
Many accounting firms have successfully implemented employee recognition programs. For example, PwC, a global accounting firm, has an employee recognition program called "Be well, work well." This program provides employees with resources and tools to manage stress and improve their well-being. Deloitte, another global accounting firm, has an employee recognition program called "Thanks Deloitte." This program allows employees to recognize and reward their colleagues for their contributions to the team.
Employee recognition is a powerful tool for boosting employee engagement, morale, and productivity. By implementing an effective employee recognition program, you can create a culture of appreciation and respect in your accounting.
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Kevin Mitchell, CPA
Senior Manager and CPA with over 20 years of experience in accounting and financial services, specializing in risk management and regulatory compliance. Skilled in managing audits and leading teams to deliver exceptional services. Proud father of two.
References:
The Complete Guide To Employee Recognition. (2021, June 16). Nurture an Engaged and Satisfied Workforce | Vantage Circle HR Blog. https://blog.vantagecircle.com/employee-recognition/
Hastwell, C. (2023, March 2). Creating a Culture of Recognition. Great Place to Work®. https://www.greatplacetowork.com/resources/blog/creating-a-culture-of-recognition
Bell, A. (2023, February 8). 40 Employee Recognition Ideas From Culture Experts In 2023. SnackNation. https://snacknation.com/blog/employee-recognition-ideas/
