As an HR professional, you’ve probably heard time and time again about the importance of employee recognition in your workplace. But recognition—and its impacts—can be difficult to measure. In turn, it makes it difficult for you to prove value and positive effect to important stakeholders in your organization. Check out 4 ways employee recognition can positively impact your company and your employees below!
Recognition Impacts Productivity
At its most basic level, the purpose of recognition is to acknowledge a job well done by an employee. And without it, productivity is likely to fall. In fact, a recent survey found that engagement, productivity, and performance are 14% higher than in those companies without recognition. A company that implements employee recognition of any form is more likely to see not only a more productive workforce but a workforce that can quickly and intelligibly recognize good work that aligns with a company’s mission and values. Furthermore, public employee recognition can take this one step further by showcasing what kind of work receives recognition. This helps spread higher output and productivity throughout teams and the organization as a whole.
Recognition Impacts Retention and Turnover
How often do you recognize your employees right now? If it’s not on a regular basis, there’s a chance you could be negatively impacting both retention and turnover in the process. In fact, employees said in a Gallup survey that they didn’t feel adequately recognized at their jobs, making them twice as likely as their regularly recognized counterparts to consider quitting their current jobs. Implement a regular system of employee recognition. In turn, you can retain your hard-working, well-trained employees, and avoid the task of replacing them.
Recognition Impacts Culture
Have you ever heard the phrase “culture of recognition”? While many companies may claim to have this type of culture, their methods and cadences of employee recognition may beg to differ. To truly achieve a culture of recognition, a more formalized and regulated method of employee recognition must be implemented within your organization. Something as simple as a regular “Thank you for your hard work on this task” can do wonders for employees and the way they feel about their jobs, but recognition must come in other forms as well to help employees feel that their company is truly invested in themselves and develop a true culture of recognition. Of course, programs like these can seem overwhelming or too difficult to manage alongside other important tasks. That’s why PerkSpot offers an employee recognition program and platform that effectively manages itself, filling your organization’s gap in recognition and providing a fast, easy, and effective solution for employee recognition.
Recognition During COVID-19 and the Holiday Season
Now more than ever, your company must consider how it’s recognizing employees. Between a global pandemic and the stress of the holiday season, employees likely feel more burned out, unproductive, and frazzled by things like finances and work/life balance than ever before. Remember, employee recognition doesn’t always have to be given to the highest earners or performers. Recognition can also exist to simply acknowledge employees who are working hard. This provides them with a boost in confidence and a way to feel more engaged in their roles and responsibilities. This holiday season, recognize your employees when they need it most.
You cannot overstate the importance of employee recognition. Regularly recognizing employees for their hard work and dedication to their organization is absolutely essential. Plus, it has far-sweeping benefits throughout your entire organization and bottom line. If you’re interested in partnering with PerkSpot to implement an effective and easily managed recognition system, reach out today!