Now is the perfect opportunity to define how your company will value employee recognition in the New Year.
A few HR stats to ponder. Studies show:
● 32% of companies struggle to retain top talent
● 93% of employees desire recognition, hoping for kudos at least once a quarter
● 75% of employees who receive monthly recognition report being satisfied with their jobs
● 72% of employees say recognition for high performers has a significant impact on employee engagement
● The U.S. economy loses $250 billion in productivity every year due to “actively disengaged” employees
The value of employee recognition reaches far and wide-
1. Happy employees are recognized by managers and peers – Employees who are recognized for excellent work by their managers tend to be happy, which encourages engagement with company goals and values. Happy employees also tend to stay with their companies for the long-term, and produce stronger results. On the management side, employee recognition doesn’t require a huge commitment. Once a month is a good benchmark for checking in on an employee’s progress; some manager use a weekly schedule – and those who recognize achievements daily can see employee satisfaction jump to 94%. Companies with a recognition program have 83% satisfied employees versus only 53% of satisfied employees in companies with no recognition program. When an employee feels appreciated, four out of five say they’re motivated to work harder.
2. Loyal employees are nurtured by a fulfilling career – Employees are more motivated by a career path than a job. An employee recognition program can identify core competencies that can help develop career paths for employees in an organic way. The talent pool is motivated by more than money – HR professionals are noticing that only one in five employees would prefer to receive a promotional title change rather than a 3% pay increase. Financial incentives are not a top engagement driver; however, monetary bonuses, a gift card, extra vacation days, a premium parking space or a plaque are preferred perks. That’s because understanding the value of progress made toward higher goals makes them seem more manageable.
3. Employees thrive when their knowledge and experience are respected – more than half of employees say respect for their knowledge and experience is their top expectation of leadership. Both company management and peers can acknowledge employee expertise publicly through an employee recognition program, which can motivate those employees to further develop their skills.
4. Employees value company-wide recognition – when employees are recognized by company executives, the impact is so great that nearly one-third would rather be featured in a company-wide email from a company executive than receive a $500 bonus that isn’t publicly acknowledged. Employees also appreciate appropriate praise for the level of achievement. Not only does recognition from management foster morale and job satisfaction, it also reduces absenteeism while increasing retention and indicates career advancement.
Give your employees constructive feedback, positive affirmation and recognition for extra effort, and you’ll empower then to achieve even greater goals while reinforcing your company’s core business values at the same time.
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