13 Eye-Opening Employee Recognition and Rewards Facts
Employee engagement and recognition aren't just "marketing fads". They are must-haves for companies who hope to retain their top employees.
A company's recognition strategy speaks volume to a company's culture and showing appreciation for your employees directly correlates to driving your financial returns through the roof. Employees who feel appreciated are proven to be more productive, positive and innovative in their day-to-day efforts. But in the hustle and bustle of focusing on driving more sales and excelling in customer service we often forget to nurture and appreciate our employees. Even in today's tech savvy market there are significant discrepancies in what employees what and what management provides. Having a properly implemented recognition and rewards strategy is a low cost, high impact way to create a positive company culture. Here are 10 employee recognition and reward facts to help you gauge the value of a rewards and recognition program as well as understand your employees a bit better!
“Only 14% of organizations provide managers with the necessary tools for rewards and recognition.” (Aberdeen Group, The Power of Employee Recognition, 2013)
When asked what leaders could do more of to improve engagement, 58% of respondents replied “Give recognition.” (Psychometrics, A Study of Employee Engagement in the Canadian Workplace 2010)
"69% of employees would work harder if they felt their efforts were better appreciated." (socialcast)
“The number-one reason most Americans leave their jobs is that they don’t feel appreciated. In fact, 65% of people surveyed said they got no recognition for good work last year” (Gallup, Tom Rath and Donald Clifton, How Full Is Your Bucket? Positive Strategies for Work and Life, 2001)
41% of companies that use peer-to-peer recognition have seen marked positive increases in customer satisfaction. (SHRM/Globoforce Employee Recognition Survey, 2012)
“Being able to track the effectiveness of engagement and recognition efforts can help organizations better align engagement with business objectives and improve performance.” “43% of Best-in-Class organizations have access to metrics on recognition efforts, compared to 18% of All Others.” (Aberdeen Group, The Power of Employee Recognition, 2013)
50% of employees believe being thanked by managers not only improved their relationship but also built trust with their higher-ups. (Cicero Group)
“Organizations with recognition programs which are highly effective at enabling employee engagement had 31% lower voluntary turnover than organizations with ineffective recognition programs.” (Bersin by Deloitte, The State of Employee Recognition, 2012)
Companies with strategic recognition reported a mean employee turnover rate that is 23.4% lower than retention at companies without any recognition program. (SHRM/Globoforce Employee Recognition Survey, 2012)
Organizations with strategic recognition programs in place exhibit 28.6% lower frustration levels than companies without recognition programs. (SHRM/Globoforce Employee Recognition Survey, 2012)
In these environments, [where opportunity and well-being are part of the culture) strong manager performance in recognizing employee performance increases engagement by almost 60%. (Towers Watson, Turbocharging Employee Engagement: The Power of Recognition From Managers, 2009)
Organizations with the most sophisticated recognition practices are 12 times more likely to have strong business outcomes. (Bersin by Deloitte, The State of Employee Recognition, 2012)
When companies spend 1% or more of payroll on recognition, 85% see a positive impact on engagement. (SHRM/Globoforce Employee Recognition Survey, 2012)
Interested in learning more about how an employee recognition and rewards program can help drive your financial returns? Request a demo with an Incentivefox expert for a free culture consultation.