Recruitercritic

The biggest end of financial year blunder

Author: Naomi Simson

Many businesses are busily planning for the new financial year. We are no different. We have our heads down, reviewing our performance, gathering data and imagining what next year will be like.

I urge business leaders to make sure that they review their employee recognition strategies too. I have people who supported us as we tightened the belts, got our heads down and did the work. There might not be budget for salary reviews or bonuses – but those who are engaged simply must be recognised for their contribution – or they will leave.

While many organisations treat employee recognition as an investment and an essential part of business strategy, a significant number of employers continue to overlook employee recognition – it is simply short-sighted.

The latest Hewitt Best Employers study involving 37,000 employees in Australia and New Zealand reveals organisations that genuinely acknowledged and recognised their employees throughout 2009 achieved double the growth in revenue (22%) than other organisations (11%). The numbers speak for themselves.

Read the rest of the article on Smart Company at http://bit.ly/rcrb14.