Year-end Functions

The Business Benefits of Year-end Functions

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With the South African economy being in crisis, many companies may be inclined to forgo their year-end function in an effort to cut costs. However, these informal get-togethers are crucial to business success.

This, according to Grant Sandham, Group Sales & Marketing Manager at Premier Hotels & Resorts, which has hosted numerous year-end functions at its properties around the country.

He explains: “These events are an opportunity for employers to show their staff appreciation for all of the hard work they've put in over the past year, particularly during these trying economic times. Benefits of doing so include increased productivity, greater profitability and heightened levels of staff retention.”

Productivity

Human capital management software solutions provider, Globoforce, has found that appreciation drives employee engagement – a staff member’s connection and commitment to his or her company. This in turn impacts their productivity as they tend to put in more effort due to the increased emotional connection that being recognised creates. In fact, Deloitte’s human resource research arm, Bersin, has discovered that productivity in companies where recognition is used, tends to be about 14% higher than in those where it is not. 

“Added to this, year-end functions enable employers to get to know their staff members outside of the work environment, which can give them a better sense of the various personalities with which they work. This helps them to have a greater understanding of how each employee needs to be managed to ensure better productivity,” shares Sandham.

Profitability

In addition to increased productivity, recognition has an impact on profitability, due again to the employee engagement it fosters. Research by global performance-management consulting company, Gallup, has found that businesses with high levels of engagement outperform those without by 10% in customer ratings and 22% in profitability.

Employee retention

With findings from a new Globoforce survey showing that 85% of employees feel more satisfied with their jobs as a result of being recognised, it’s not surprising then that 68% of organisations who show their employees appreciation report a direct positive impact on retention.

“Over and above these benefits, a year-end function can give staff a sense of closure to the past year and get them fired up for the coming 12 months. Engaged and inspired employees are essential for reaching business goals and by celebrating their accomplishments with a year-end function, it makes them feel like an important part of the company’s success and shared vision. Year-end functions are just as important during tough times as they are in the good and now is the time to celebrate!” concludes Sandham.

To find out more about the year-end function venues offered by Premier Hotels & Resorts, visit https://www.premierhotels.co.za.

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