A great benefits package lures top talent to your firm, but what keeps your workers there and happy? Increasingly, the answer is employee recognition. Positive recognition from supervisors motivates workers to improve their performance, walk the company line and stay loyal to the firm when all other things are equal. Discover these statistics that prove this point.
Employee recognition improves engagement, according to Recruiter. Around 58 percent of workers believe that supervisors who acknowledge hard work create more engaged teammates. Millennials crave this engagement, and 64 percent of them are less likely to switch to another firm if they find a better offer in an improving job market. Implement a recognition program, or just simply shout out to your workers, if you want them to remain loyal to your firm.
Recognizing hard work means publicly saluting someone for doing a good job. When you do this, it encourages individuals to work harder even though you aren't offering them more pay or tangible benefits. In 2014, TimeJobs noted that 35 percent of manufacturers surveyed showed that when companies use employee recognition on a regular basis, productivity increases. Workers are more likely to pay attention on the job, spot potential problems, find ways to work more efficiently and follow company policies. In 2017, a full 69 percent of workers said they would work harder if a supervisor recognized them for their efforts.
Highly effective employee recognition programs reduce voluntary turnover by 31 percent. This gives your firm the opportunity to reduce costs from hiring, and it also helps you to retain top talent. This type of program makes dollars and sense when you seek to increase profits or even hire more people.
Increase Customer Satisfaction
The positive attitudes you instill in your team follows through to customer service and customer satisfaction. More than one-third, or 41 percent, of companies that have peer-to-peer recognition programs report better customer satisfaction. Employee recognition can come from anyone in the firm, which improves morale across the board as it motivates workers to participate in giving recognition.
Recruit New Talent
Around 14 percent of firms use recognition programs as a recruiting tool. Letting people know that they can receive the props they deserve can bring in top talent to your firm from the moment they see your company website or benefits package. The sooner you tout your recognition program to candidates, the better your chances of hiring the best people.
Start With Managers
A full 28 percent of employees report that their managers or immediate supervisors gave them the most meaningful and memorable recognition. This shows that workers value relationships that go beyond a paycheck and benefits. This statistic also shows the importance of regular feedback. Weekly recognition at Monday morning meetings can go a long way to keeping your employees happy, motivated and productive. Spread the wealth around by mentioning something good that each one of your team members did during the week and see what happens.
Employee recognition can be something tangible, such as a paper certificate or even a small trophy. This simple benefit can also come in the form of publicly acknowledging someone's efforts in regular meetings. This concept may seem like a small thing, but it has big rewards for your staff.
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