Employee recognition and appreciation can provide your company or organization with numerous benefits. Having a solid recognition program in place can increase productivity, decrease turnover, and reduce absenteeism. It’s important for employees to feel valued for the work they do. They want and need to be recognized for the contributions they make to their team as well as to the success of the entire organization. But helping employees feel good about their job and keeping them engaged is just part of the picture. Employee recognition programs can make a difference in how they feel valued and can affect their intent to stay at their jobs. Here are six key statistics that demonstrate how important employee recognition is to employees, teams, and organizations
Lack of recognition is the number one reason people leave their jobs.
Never miss an opportunity to recognize an employee. Make celebrating employee progress and accomplishments a regular event throughout the yearly cycle. Think of it as an investment in their career growth and success. Frequent, regular recognition helps keep them motivated and moving toward upcoming milestones.
Employee recognition programs reduce voluntary turnover by more than 30%.
If you’d like to reduce turnover in your business or organization, institute an employee recognition program, or upgrade your present program. You can use employee surveys or one-on-one meetings to learn how valued your employees feel. This allows you to create and improve a strategy. Armed with this information you can shape an effective program for your workplace culture.
Over half of employees desire recognition from their immediate managers.
Employees like to know what they are doing well, and if their work is acceptable. They want to know how they can improve. Publicly recognizing employees impact their engagement, especially when they are recognized by their immediate managers.
Organizations with well-organized and well-implemented recognition programs have stronger business outcomes.
A strong recognition program should be implemented across many levels. It should be incorporated into one-on-one interactions, talent reviews, and feedback. When recognition is incorporated frequently it helps to solidify how important employee recognition is to the organization and culture. Employees who understand the impact their contribution has on the success of the business are more likely to continue to contribute at a high and engaged level.
About 40% of employees desire and respond to peer recognition.
While being recognized by direct managers is successful and desired, many employees also value peer recognition. Team members should be provided ample opportunity to encourage one another and express their appreciation. Peers often have more insight into morale and employee effort than supervisors. And oftentimes, peer appreciation carries more weight with fellow employees. Make sure to include it in your recognition program or build a peer-based recognition program.
Companies that spend just 1% of their payroll on employee recognition programs notice an 85% positive impact on employee engagement.
Incentives, compensation, trophies, and awards are great ways to recognize your employees. There are many different ways to structure a recognition program that communicates appreciation to your star employees. Make it as simple or complex as you desire and reap the results over and over again.
Let Suburban Custom Awards Help!
If you are just starting an employee recognition program, or you are running a solidified program, Suburban Custom Awards can help. We provide high-quality awards, trophies, and plaques. Engrave awards with a personalized message. Engraving is included for free so you can express your deepest appreciation for your workforce. Let us help you establish a work culture where everyone is appreciated and awarded.