How to expand your business: Does a new location make sense?

December 20, 2019

An effective and sustainable employee recognition program can increase engagement, make employees feel appreciated and reduce turnover.

Several studies have shown that the reason most Americans leave their jobs is because they don’t feel appreciated. As a business owner, you can develop a recognition program for employees — similar to what larger corporations have — that will help you attract and retain talent.

With a little forethought and planning, you can help hard-working employees feel appreciated and reap the benefits for the growth of your business. You could also potentially reduce voluntary turnover. In fact, a Bersin & Associates survey1 reported that companies with recognition programs that are highly effective at increasing employee engagement have 31 percent lower voluntary turnover than organizations with less effective programs.

Following these steps can help you develop an effective and sustainable employee recognition program that can increase engagement, make employees feel appreciated and reduce turnover. 

 

1. Establish team recognition

Don’t try to develop a team recognition program in a vacuum. Recruit a few people who can actively co-create the initiative. As a small business, you may not have a large HR staff, so get cross-functional involvement by employees at all levels. By involving the team from the beginning, they will feel a sense of ownership and will want to promote the program among their peers.

 

2. Identify what you want to reinforce

As a team, decide on the objective of your recognition program. For example, maybe you want to encourage employees who start and end meetings on time, or who deliver exceptional customer service. Or, are you trying to boost individual performance in sales or manufacturing? Another option is to reward entire teams or the entire company for reducing spending, reaching growth goals or other macro-level achievements.

 

3. Set attainable goals and clearly communicate expectations

When you announce your employee recognition program, make sure people know what’s in it for them. Why should they care? The answer should go beyond the carrot at the end of the stick. Tell them how they are affecting change and growing the organization so they feel a sense of purpose. They want the company to succeed — and they want you to notice how much they care.

Make sure you set attainable goals as well. Start by looking at what’s reasonable to expect for your company, your industry and your people. If your competitors are growing by an average of 5 percent per year and you set a goal to grow your company by 20 percent, that’s probably unrealistic. As a result, employees will likely reject the program and feel defeated.

 

4. Acknowledge both the positive and negative

Some people feel our society overpraises, yet others leave their jobs for lack of appreciation. You have to find a balance. Creating an employee recognition program can certainly promote positive vibes, but don’t let it take the place of constructive criticism. After all, making positive changes requires us to first recognize where change is needed.

Encourage a culture of constant improvement. To sustain enthusiasm in your program, make the rewards timely. If you only salute outstanding performance once a year, you may only see outstanding performance once a year. Your best bet is frequent reinforcement of incremental progress.

One option is to recognize employees with prepaid rewards cards, such as U.S. Bank Rewards Cards, which allow them to purchase whatever they want, online or in-store.

 

5. Make sure it works for your company

Fine-tune your program regularly by evaluating if it’s motivating, if it’s helping individuals and/or the organization achieve goals and if it fits the culture you want to create for your company.

There are lots of great ideas out there for employee recognition programs, but what works for one company may not work for another.

 

Learn 10 ways to reward employees to increase motivation and spark greater company success.

Learn about U.S. Bank

Related content

6 tips for trust fund distribution to beneficiaries

Preparing for retirement: 8 steps to take

How to build wealth at any age

How to manage your money: 7 tips to improve your finances

LGBTQ+ financial planning tips

Investment strategies by age

Should I itemize my taxes?

Your 5-step guide to financial planning

6 things to know about long-term care insurance cost and benefits

Is your employer long term disability insurance enough?

What is Medicare? Understanding your coverage options

Military homeownership: Your guide to resources, financing and more

Home buying myths: Realities of owning a home

5 financial goals for the new year

Retirement savings by age

Annual insurance policy review checklist

How I did it: Turned my side hustle into a full-time job

Retirement plan options for the self-employed

5 reasons why couples may have separate bank accounts

Common unexpected expenses and three ways to pay for them

It's possible: 7 tips for breaking the spending cycle

Closing on a house checklist for buyers

How to plan and save for adoption and in vitro fertility treatment costs

Multiple accounts can make it easier to follow a monthly budget

Is it time to get a shared bank account with your partner?

Don’t underestimate the importance of balancing your checking account

7 steps to keep your personal and business finances separate

Which is better: Combining bank accounts before marriage — or after?

30-day adulting challenge: Financial wellness tasks to complete in a month

Estate planning checklist: 8 steps to secure your legacy

8 steps to choosing a health insurance plan

Key milestone ages as you near and start retirement

How I did it: Bought a home without a 20 percent down payment

What you need to know before buying a new or used car

Estate planning documents: Living trusts vs. will vs. living will

Why estate planning is important

How a Health Savings Account (HSA) can benefit your retirement plan

Year-end financial checklist

Pet ownership costs: planning for the unexpected

Leveraging the ASC-842 rule changes in equipment lease accounting

Beyond Mars, AeroVironment’s earthly expansion fueled by U.S. Bank

Refinancing your practice loans: What to know

ABL mythbusters: The truth about asset-based lending

Finance or operating lease? Deciphering the legalese of equipment finance

Buying or leasing? Questions to ask before signing a contract

What type of loan is right for your business?

Insource or outsource? 10 considerations

The secret to successful service provider integration

How to improve your business network security

Evaluating interest rate risk creating risk management strategy

Tech tools to keep your restaurant operations running smoothly

Addressing financial uncertainty in international business

Safeguarding the payment experience through contactless

COVID-19 safety recommendations: Are you ready to reopen?

Unexpected cost savings may be hiding in your payment strategy

How to sell your business without emotions getting in the way

5 steps to take before transitioning your business

10 tips on how to run a successful family business

Streamline operations with all-in-one small business financial support

Tools that can streamline staffing and employee management

How to identify what technology is needed for your small business

Planning for restaurant startup costs and when to expect them

Talent acquisition 101: Building a small business dream team

How to fund your business without using 401(k) savings

Costs to consider when starting a business

How to test new business ideas

The costs of hiring a new employee

Small business growth: 6 strategies for scaling your business

How small businesses are growing sales with online ordering

How to expand your business: Does a new location make sense?

5 tips to help you land a small business loan

5 questions business owners need to consider before taking out a loan

Leverage credit wisely to plug business cash flow gaps

How to establish your business credit score

How to make the most of your business loan

Do you need a business equipment loan?

How to build a content team

Multigenerational household financial planning strategies

Do I need a financial advisor?

How to track expenses

How to manage your finances when you're self-employed

Good debt vs. bad debt: Know the difference

Reviewing your beneficiaries: A 5-step guide

How to talk about money with your family

Financial steps to take after the death of a spouse

Retirement advice: How to retire happy

Retirement income planning: 4 steps to take

Preparing for retirement: 8 steps to take

Comparing term vs. permanent life insurance

How much life insurance do I need?

Working after retirement: Factors to consider

4 steps to finding a charity to support

Year end tax planning tips

Tips for navigating a medical hardship when you’re unable to work

11 essential things to do before baby comes

Checklist: 10 questions to ask your home inspector

Resources for managing financial matters after an unexpected death

What you need to know as the executor of an estate

What documents do you need after a loved one dies?

How I did it: Paid off student loans

Bank Notes: College cost comparison

From LLC to S-corp: Choosing a small business entity

Recognize. React. Report. Caregivers can help protect against financial exploitation

Webinar: U.S. Bank asks: Are you safe from fraud?

How you can prevent identity theft

Planning self-care moments that matter (and how to finance them)

Uncover the cost: Wedding

Uncover the cost: International trip

Tips to overcome three common savings hurdles

Adulting 101: How to make a budget plan

Personal loans first-timer's guide: 7 questions to ask

3 awkward situations Zelle can help avoid

How can I help my student manage money?

Do you and your fiancé have compatible financial goals?

U.S. Bank asks: Transitioning out of college life? What’s next?

U.S. Bank asks: Do you know your finances?

Personal finance for teens can empower your child

How to save for a wedding

Here’s how to create a budget for yourself

9 simple ways to save

Dear Money Mentor: How do I set and track financial goals?

Lost job finance tips: What to do when you lose your job

Money Moments: 3 smart financial strategies when caring for aging parents

Money management guide to financial independence

Money Moments: 8 dos and don’ts for saving money in your 30s

7 financial questions to consider when changing jobs

Travel for less: Smart (not cheap) ways to spend less on your next trip

What’s in your emergency fund?

What you need to know about renting

How to stop living paycheck to paycheck post-pay increase

Understanding guardianship and power of attorney in banking

What financial advice would you give your younger self?

How grandparents can contribute to college funds instead of buying gifts

How to open and invest in a 529 plan

Using 529 plans for K-12 tuition

Parent checklist: Preparing for college

What to consider before taking out a student loan

How to use debt to build wealth

For today's homebuyers, time and money are everything

Crypto + Homebuying: Impacts on the real estate market

Should you buy a house that’s still under construction?

House Hacks: How buying an investment property worked as my first home

Your guide to breaking the rental cycle

4 ways to free up your budget (and your life) with a smaller home

Money Moments: Tips for selling your home

First-time homebuyer’s guide to getting a mortgage

Dear Money Mentor: When should I refinance a mortgage?

Beyond the mortgage: Other costs for homeowners

10 ways to increase your home’s curb appeal

10 questions to ask when hiring a contractor

5 things to avoid that can devalue your home

Common questions about electric vehicles (EVs)

Car shopping: Buying versus leasing your next vehicle

Take the stress out of buying your teen a car

Questions to ask before buying a car

What you should know about buying a car

How to choose the best car loan for you

Disclosures

Start of disclosure content

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, Home Equity and Credit products are offered through U.S. Bank National Association. Deposit products are offered through U.S. Bank National Association. Member FDIC.