“The only thing standing between you and outrageous success is continuous progress.” — Dan Waldschmidt, business strategist
Often during our marketing calls, a credit union leader will stress the importance of boosting team engagement. Be it for better performance, numbers, or more cohesion on the team they always seem the ask the same question – “What can we do to get our teams to improve?”. Well, I have the answer and honestly, it’s not hard. It just takes consistency, intention, and meaning.
As a credit union leader, you know that engaged employees are key to a successful organization. Engaged employees are committed to their work, more productive, and provide better member service. According to a Gallup study, highly engaged teams achieve a 21% increase in profitability compared to teams with low engagement levels.
So, what is the single most effective way to increase team engagement in your credit union? The answer is clear: focus on employee recognition.
Employee recognition is a powerful tool for increasing engagement because it shows employees that their contributions are valued and appreciated. Recognition can take many forms, from simple thank-you notes to formal awards ceremonies. The important thing is to make recognition a regular part of your credit union’s culture.
Here are some tips for implementing an effective recognition program:
- Make recognition timely and specific. Don’t wait until the annual performance review to recognize your employees’ accomplishments. Instead, provide immediate feedback when someone does something well, and be specific about what they did right.
- Make recognition public. Share success stories with the entire credit union, whether it’s through a newsletter, a staff meeting, or a social media post. This not only reinforces the behavior you want to see but also encourages others to strive for similar success.
- Make recognition meaningful. It’s not just about giving out trophies or gift cards. Recognition should be tied to your credit union’s values and goals, so employees understand how their work contributes to the overall success of the organization.
- Make it personal. Your team members want to be celebrated but this is not a one-size-fits-all process. Ask them and find out how you can recognize them in the most meaningful way. Gifts or tokens of accomplishment, words of congratulations shared amongst the team, or taking that teammate out to lunch are all different, personalized options for recognition. Find the one that means the most to them.
By focusing on employee recognition, you can create a more engaged and productive team. According to a survey by Globoforce, companies with a strong recognition culture have a 31% lower voluntary turnover rate. Additionally, 85% of employees who receive recognition say they feel satisfied with their job.
Implementing an effective recognition program doesn’t have to be complicated or expensive. The key is to make it a consistent and meaningful part of your credit union’s culture. As a leader, it’s your responsibility to create an environment where employees feel valued and motivated to do their best work. By investing in employee recognition, you’ll see the returns in the form of a more engaged, productive, and loyal team. Not sure what recognition might look like for your team? Reach out to your Relationship Development Leader to discuss your strategy and how we can implement a winning strategy for your team.