A little acknowledgement can go a very long way. That’s especially true when it comes to rewarding successful employees in the multifamily industry. Apartment companies recognize and honor their associates in any number of ways, including financial bonuses, paid time off and annual award dinners.

Recognizing strong associates and making sure they know they are valued will offer numerous benefits for apartment owners, from improved employee morale to communities that are better positioned to retain existing residents and attract new ones. Below are some essential reasons to reward a job well done:

Motivated employees
Appreciation is a core human desire, and being rewarded for good work – whether it's through a simple "thank you" note or a financial reward – motivates employees to maintain and even improve their performance. Associates who are recognized for their contributions and who feel valued develop a greater sense of pride, loyalty and dedication towards the company they work for.

A strong company culture
Companies that reward strong employees do more than create a workforce full of associates individually motivated to improve their job performances. They also create vibrant, healthy overall company cultures. When employees feel valued, it strengthens their relationships with their superiors and peers, and these happy, satisfied associates can serve as powerful teachers and mentors for their fellow co-workers. A robust rewards and recognition program can truly set the stage for a great working atmosphere. 

Good for business
Team members who receive positive feedback and are rewarded for success will be more engaged. And in the multifamily industry, happy, engaged onsite teams reel in apartment shoppers and create happy residents, and that's obviously great for business. If we're not able to attract and retain residents, we're in trouble. 

According to a 2013 Gallup meta-analysis of more than 260 studies on the relationship between employee engagement and company performance, work units that ranked in the top quartile of employee engagement outperformed bottom-quartile units by 22 percent in terms of profitability.

Attracts and retains top workers
When employees feel valued, they are more likely to stay with the company for the long run. Acknowledging teams and individual associates for a job well done can boost retention and attract other top-notch workers to the company. According to Bersin & Associates, companies with recognition programs that are highly effective at improving employee engagement have 31 percent lower voluntary turnover than companies with ineffective programs. People want to work for a company that takes the time to show – in ways both large and small – that it cares about its associates as people. 

Whatever specific form it may take, a strong and consistent rewards and recognition program is a simple, yet powerful way to strengthen an apartment organization from the bottom up.