Plenty of blogs and news sites have been flooded with the idea of showing more employee appreciation and recognition. Employees want it, but does it actually work to improve the bottom line and boost productivity and engagement?
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Check out these stats to learn more about how employee recognition could be just the thing your company needs:
1. 58% of employees say that giving recognition is how leaders could do more to improve engagement. (Source)
When more thanhalf your staff wants the same thing, you listen. Start by thanking or giving a shout out to a different member of your team every day!Small ways to adjust your day to start improving #employee recognition: Click To Tweet
2. 50% of employees believe being thanked by managers not only improved their relationship, but also built trust with their higher-ups. (Source)
The base of any relationship is trust. And, when it comes to working with a team that you see just as much as your family, creating a good working relationship is important. Start by adding a thank you section to your weekly meeting or in performance review handouts.
3. 69% of employees would work harder if they felt their efforts were better appreciated. (Source)
Now this is something we know most managers love to hear – employees working harder. Who knew showing a little appreciation would be the key to unlocking it? The key to thanking employees is ensuring they understand they’re the ones who keep the lights on and make the wheels turn. Start by including company wins in emails, newsletters and more. Have managers translate each win for their department. Worried about meeting resistance? Tell them they could be getting more work out of 7 out of 10 employees if they give it a try!
4. Only 14% of organizations provide managers with the necessary tools for rewards and recognition. (Source)
Here’s the scary thing, lack of engagement and recognition may not be your fault. As a manager, we know you want to do what’s best for your team and the clients you handle, so it’s frustrating to know that a key weakness might not be something you can fully control. So, what can you do? Well… start by showing them this post! The best way to convince execs that you need certain resources is by providing sufficient evidence on how they can help and bring in ROI.Can't get the exec buy-in you need to start with employee recognition? Show them this post: Click To Tweet
5. Companies with recognition programs that are highly effective at improving employee engagement have 31% lower voluntary turnover. (Source)
Employee turnover and having to fill positions is something that every manager has to deal with. But, who knew showing a little recognition could be the solution to slowing down this problem? If you’re struggling with your retention numbers, implementing recognition can make a noticeable difference.
6. 41% of companies that use peer-to-peer recognition have seen positive increases in customer satisfaction. (Source)
Leverage the idea of peer to peer recognition. Start by encouraging your staff to send out a “proud” email to those they feel deserve it. You might miss the fact that Suzie helped calm an angry client, but her colleague across the aisle can give her the recognition she deserves.
7. 14% of companies indicated that their organization features [recognition] programs regularly when recruiting. (Source)
One of the main things workers want to know about is company culture. 42% of candidates, in fact. So, why are you hiding all your recognition programs from them? Letting those candidates know that you not only try to show appreciation, but actively work to incorporate it into the company is a key aspect that is sure to bring those qualified hires through the door!
8. Engaged millennials are 64% less likely to say they will switch jobs if the job market improves in the next 12 months. (Source)
Millennials are the largest generation in the workforce, so companies want to cater to their needs. One of their main needs? Being engaged, which ultimately includes showing recognition and appreciation. So, if you’re having trouble keeping those new millennial hires around, implement a recognition program!
So, what are some areas you can focus on when it comes to recognition? Try these:
9. 87% of recognition programs focus on tenure. (Source)
When thinking of starting a recognition program it can be a little tough figuring out where to start, or what you should be recognizing employees for. One of the best things to include is how long an employee has been with you. As stated before, employee turnover is the bane of every manager and HR leader, so why not celebrate that employee who has been around for 5+ years? It is the perfect way to show them just how happy you are that they chose to stick around.
10. 28% of the most memorable recognition comes from an employee’s manager. (Source)
Feedback matters and so does the person giving it. If you manage direct reports, the most important feedback is going to come directly from you. Plan out your days, weeks and months
Employee recognition is a small part of the overall employee performance management picture. Feel like you need a little more information before taking the next step? iRevü has your solution!