Engaged employees are those who work with passion and feel a profound connection to their company. They drive innovation and move the organization forward.
What does employees seek in return for their efforts at work. Are they looking for gifts or receive praise and get recognized by their managers? Does recognition from peers mean as much as when it comes from a manager? What happens exactly when a performing employee isn’t recognized over the course of a year?
Let’s discuss on most significant statistics on employee recognition at modern workplaces.
Happy employees contribute more to business:
According to positive psychology research by Shawn Anchor, the greatest advantage of an organisation is a happy and engaged workforce. A decade of research proves that employee happiness raises nearly every business outcome: raising sales by 37%, productivity by 31%, and accuracy on tasks by 19%, as well as a myriad of health and quality of life improvements.
Globally, 65% of employees haven’t received any form of recognition for good work in the last year.
Social recognition tool is the best way to improve engagement:
Employees want to appreciate each other. When offered a simple recognition tool 44% of all workers will provide peer recognition on an ongoing basis.
Relying solely on managers or top management to offer recognition to employees is outdated. In today’s increasingly global business environments, there is a growing need to enable and encourage peer-to-peer recognition tools. This decentralizes recognition and empowers all employees to recognize great work and effort.
Peer-to-peer recognition is powerful—it’s nearly 36% more likely to have a positive impact on financial results than manager-only recognition.
Peer-to-peer recognition is a more authentic approach to recognizing an employee’s achievement. It not only motivates employees, but it also builds a culture of support, collaboration, and achievement.
When peer recognition is encouraged, employee engagement levels rise which then lead to increased employee retention, productivity, and quality of customer service. These are all factors that positively influence a company’s financials.
Employee motivation and morale would improve massively when their managers thank them:
There’s a disconnect here between employees and supervisors—34% of senior decision-makers report that they don’t think regular recognition and thanking employees at work has a big influence on staff retention. This flies in the face of the 70% of employees who say that motivation and morale would improve with appreciation from managers.
This is a great opportunity to start a new habit!
Only one in three people feel they were well-recognized the last time they went the extra mile at work:
Failing to appreciate for the day-to-day efforts of the employees to keep things running can be frustrating. So deploying employee recognition tools will certainly be helpful in retaining the top talent.
With only a quarter of people feeling valued,leaders should be certain to recognize people going above and beyond the call of duty particularly if they’d like to encourage similar and sustained performance.
How can you start a program to recognize major stakeholders in your company?
Zaggle PROPEL is a web-based platform to design, implement, and monitor Rewards, Recognition and Engagement programs. Propel helps organisations to dramatically decrease the workload of managing and measuring their rewards and engagement programs. Through automation and with meaningful real-time analytics it gives organisations a better insight of reward budget allocation. It enables the organizations to instantly reward employees, channel partners and customers to stimulate the business performance and boost productivity.
· Robust Peer to Peer Recognition
· Instant Rewards
· Surveys & Polls
· Easy integration of API with HRMS systems