Employee recognition is one of the easiest ways to increase employee motivation and productivity while reducing absenteeism and employee turnover. Continue reading to find out 10 things most people don’t know about employee recognition:
- The number 1 reason people leave their job is because of feelings of underappreciation
- Employees with high job satisfaction are 12% more productive
- Companies with a formal recognition plan have 31% less voluntary employee turnover
- Praise beats financial incentives for 67% of employees
- A mere 14% of companies provide managers with the tools and information they need to create effective recognition programs
- 41% of companies that use peer-to-peer recognition have seen marked positive increases in customer satisfaction
- 46% of senior managers view recognition programs as an investment rather than an expense
- When companies spend 1% or more of payroll on recognition, 85% of them see a positive impact on engagement
- 14% of companies indicated that their organization features recognition programs regularly when recruiting
- Manager’s recognizing employee performance increases engagement by almost 60%
So, once you know all these facts, what is the next step?
How to start using an employee recognition program?
The easiest way to increase your employee recognition is by implementing a rewards system. This can be a great opportunity for you to show your staff how much you value their hard work.
Furthermore, it is beneficial to tie your employee rewards to customer feedback. In many cases, employees feel like their work doesn’t make a difference and hence feel demotivated. However, when they receive a reward (either individually or for team effort), they can see the impact they have made in the lives of their customers.
Before implementing the rewards system, have an open and honest conversation with your employees. Ask about what kind of rewards they would like to receive and encourage them to actively start using the rewards system.