Employee recognition programs that reflect the cultural values of your organization help tackle top challenges.
When it comes to employee engagement, retention and turnover, employers have a tough job. These are considered the most pressing human resource challenges of the last two years, according to the Society for Human Resource Management (SHRM). Organizations are finding success using values-based employee recognition programs.
“We now know that companies that not only have a recognition program in place (80%), but one that incorporates its core values, are more likely to report greater benefits overall,” says Everen Esen. A director of SHRM survey programs, Esen has also found that a company’s culture and values are “a competitive differentiator” in attracting qualified employees, who will take their company’s values more seriously if they can be rewarded for exhibiting best practices and behaviors inspired by those values.
What is Values-Based Employee Recognition?
Values-based recognition differs from traditional programs that often become routine:
● Values-based recognition focuses more on process than results
● Honoring core values leads to the achievement
● Values-based recognition makes up 58% of programs, up from 50% two years ago
● 5% of surveyed employers report plans to link employee recognition programs to organizational values
Values-Based vs NonValues-Based Recognition
Ninety percent of values-based recognition shows a positive impact on employee engagement versus 67% for nonvalues-based recognition. Furthermore, values-based recognition shows an 86% increase in employee happiness; an 85% addition in “humanity” to the workplace and an 84% improvement in employee relationships versus 70%, 70% and 66% respectively for nonvalues-based recognition. That’s quite a jump.
Values-based recognition also helps organizations instill and reinforce corporate values in employees (88% vs. 42%), although 22% of companies predict that their program would be more effective with greater participation from senior leaders. Other SHRM findings:
● 74% of companies allow any staff member to nominate or recognize a colleague
● 28% celebrate an employee’s first anniversary
● 90% celebrate an employee’s fifth year with a service award
● 35% of respondents believe their service anniversary programs could be improved by providing a more inspiring experience
● 32% give employees merchandise from a catalog or website for their service award
● 17% percent give out pins, plaques or branded awards
● 21% have an in-person event or award presentation
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