Employee recognition is one of the easiest ways to improve engagement and job satisfaction, not to mention, it’s also the least expensive. While financial compensation, benefits and perks might get talent through the door, employees want to feel valued and respected for their hard work, too. Simply put, they want their contributions to be recognized and acknowledged. Employee recognition could be one answer to retention and improved culture management.
40% of employed Americans say they’d put more energy into their work if they were recognized more often, which leads to increased productivity and ultimately corporate success. (HBR, 2016) . Furthermore employee recognition improves culture, retention and employee happiness.
Below we have share 5 key findings from the 2018 Annual SHRM/Globoforce Employee Recognition Survey with feedback from 738 HR leaders in diverse industries and organizations:
- More human-centered approaches can help meet retention and recruitment challenges.
- Values-based recognition remains highest-rated amongst HR leaders who adopt these programs to reinforce and drive business goals.
- Recognition programs funded at 1 percent or more of payroll are more likely to be rated highly than underfunded programs or programs with zero budget.
- Peer feedback, more frequent reviews or check-ins, and a supportive feedback environment can effectively spur employee growth and development.
- Organizations are celebrating life events to humanize the employee experience at work
As reflected in the survey results, salary isn’t necessarily what keeps an employee at a company. Engaging your workforce with recognition and a “culture of thankfulness” builds pride, loyalty and employee happiness, ultimately leading to higher retention and less turn-over.