4 Surprising Facts About Why Employee Recognition Programs Matter
Employee recognition programs can benefit employees in a number of ways. Here are the facts you need to know about why recognition is crucial to employee experience.
Employee appreciation is a huge driver for employee engagement and motivation but one that often falls to the wayside when it comes to meeting routine benchmarks. Even the best employees can become disengaged without adequate recognition. That's why employee recognition platforms are so important.
Whether you want to promote your core values or incentivize performance, a recognition program for employees will allow you to create a stronger and more motivated team.
In fact, these programs have been proven to benefit employees in a myriad of ways. Here’s how.
Fact #1. Employee burnout is at an all-time high.
People are getting burned out on their jobs, and it’s costing companies big time from increasing employee turnover to creating an imbalanced employee experience.
Sixty-one percent of workers are burned out, and disengaged employees can cost employers up to $550 billion a year.
In contrast, more engaged employees have been proven to create better results. A finding by Gallup proved that highly engaged team members shower 21% greater profitability. These teams are more profitable because engaged employees show up every day with passion, energy, and ideas that engaged employees don’t. Companies with engaged employees produce 2.5x more revenue than competitors with low employee engagement levels.
Engaged employees are good for your bottom line and produce great work.
Employee recognition programs can prevent burnout by supplying the acknowledgment and personal recognition that employees desire for a more positive work environment. This can span from manager or peer recognition, which can resonate more strongly with their team members who they're working closely with day-in and out.
You can create a positive recognition strategy also ties in a personalized rewards system for your employees, offering rewards such as extra paid half-days off, iTunes gift cards, Samsung watches, and more. Employees who have tangible rewards to work towards are more likely to be engaged and motivated to produce their best work.
Fact #2. There’s been a shift in workplace attitudes with the rise of the Millennial generation.
Most workers don’t come to work just to make money and go home anymore. Employees today expect a certain level of trust, compassion, and personal fulfillment from their teams. That means a strong team culture can make it or break it for an employee's experience.
In fact, 87% of employees expect their employer to support them in balancing work and personal commitments, and a further 96% of employees believe showing empathy is an important way to advance employee retention and increase job satisfaction.
Long story short: Money isn’t the only thing that talks anymore in the workplace. With employee recognition software, you can provide incentives and recognition that are motivating and create a sense of personal fulfillment at work. It's time to think of the employee experience more holistically as you look into ways to make a positive impact for your team.
For instance, some teams invest in a health and wellness program along with employee rewards for years of service. They’ve been proven to be effective - 61% of employees agree that they have made healthier lifestyle choices because of their company’s wellness program.
And recognized employee—especially public recognition— creates a culture of appreciation and support.
Fact #3. Ongoing feedback and check-ins are crucial to success.
Employee recognition programs make feedback and check-ins easier and meaningful to employees. A recent report concluded that 89% of HR leaders agree that ongoing peer feedback and check-ins are key for successful outcomes.
It also stressed the importance of a concept called “valued based recognition.” This just means that employees want to be reminded that the work they are doing has purpose and meaning and that they are not just coming to work every day to punch a time clock.
An employee recognition platform is a great way to make sure you keep in touch with your employees with weekly positive and constructive feedback. Many employee recognition platforms come with recognition programs tailored to the specific goals and culture of your business.
Fact #4. Most companies have already put employee recognition programs into effect.
Seventy percent of employers have already improved their physical environment to encourage healthy behaviors. Ninety percent of leaders think an engagement strategy can have an impact on business success, but barely 25% of them have a strategy. Even more surprisingly, only about 40% of the workforce knew about their company’s goals, strategies, and tactics.
And putting these programs into action provides tangible results for employee satisfaction. 89% of workers at companies that support well-being initiatives are more likely to recommend their company as a good place to work.
Even if you have a strong company culture, great benefits, and a highly skilled team, your business won't be able to retain top talent without adequate recognition. Recognition matters. And Cooleaf's listen-action-measure experience framework helps you boost team engagement while rewarding and recognizing your most important goals.
Request a demo today to see what Cooleaf can do for you and your organization.
