If you are a C-Suite or Human Resources leader looking for reasons why Recognition should be a larger part of your company’s strategy, it is important to know that numerous studies have shown that Recognition that is made frequently and meaningfully, through a planned program approach, is a key driver of employee engagement and business results. To keep it simple, we call this approach Workforce Recognition.
Workforce Recognition – an organizational culture where employees feel recognized—and have the power to recognize others (which offers its own psychological benefits)—significantly impacts employee engagement, which positively affects a variety of business results.
Organizations with employee engagement scores in the top quartile have 50% higher productivity, 13% lower turnover and 44% higher profits compared to organizations with employee engagement scores in the bottom quartile (Gallup Consulting). Engaged employees deliver 26% higher productivity and are twice as likely as their peers to be top performers, to exceed expectations in performance reviews, and to better support organizational change initiatives (Towers Watson). Here’s more:
• Gallup Consulting identified frequent recognition—weekly, in fact—as one of the 12 critical drivers of employee engagement.
• Towers Watson identified “deployment of recognition programs” as one of the nine distinguishing elements of an integrated reward and talent-management system that helps outstanding companies attract and keep great talent and perform better financially.
• Corporate Leadership Council identified “Recognizes and Rewards Achievement” among the top levers for increasing discretionary effort from workers.
Stay tuned. In the coming months, we’ll talk a lot about why taking a strategic approach to Workforce Recognition pays big dividends for those organizations willing to take on the challenge. We’ll touch on the fact that new technology makes it easier than ever to create Workforce Recognition programs. And we’ll provide a roadmap for Rebooting Recognition at your organization.
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