“The number one reason most Americans leave their jobs is that they don’t feel appreciated.” Wow. What a powerful statistic. Expressing appreciation is a simple thing to do – regardless of the reason. Ever worked on a large project and not received recognition for it? Bought a coffee for a friend and didn’t receive a ‘thank you’ in return? This article by Barry Deutsch lists several reasons why your employees may think greener pastures await somewhere else. As Deutsch points out, “They (your employees) are turned-off, dissatisfied, bored, not learning, not feeling like they are having an impact, not appreciated, and not becoming something better for their time in that job. None of these important criteria for job satisfaction has changed since Maslow published his “Hierarchy of Needs” Model over 50 years ago. What was relevant back then holds true today.” I’m a big “In Summary “ kind of gal and when I found this infographic on “11 Things You Didn’t Know About Employee Recognition”, I had to share it with you! We have many people call and ask us how statistics back the incentive and recognition industry and well, here are just a few:
- 41 % of companies that use peer-to-peer recognition have seen increases in customer satisfaction
- 46% of senior managers view recognition programs as an investment rather than an expense
- 14% of companies indicated that their organization features recognition programs regularly when recruiting
- Companies with strategic recognition reported a mean employee turnover rate 23% lower than retention at companies without any recognition program
- Manager’s recognizing employee performance increases engagement by almost 60%
- Organizations with strategic recognition programs in place exhibit 28%lower frustration levels than companies without recognition programs
- Peer-to-peer is 35% more likely to have a positive impact on financial results than manager-only recognition
- When companies spend 1% or more of payroll on recognition, 85% see a positive impact on engagement.
- In organizations in which individual employees or teams are recognized results were approximately 14% higher than in organizations in which recognition does not occur
- Organizations with a strong employee recognition approach are 12x more likely to have strong business results
- Organizations with effective recognition programs had 31% lower voluntary turnover than organizations with ineffective recognition programs.
In summary (see what I did there), a successful recognition program can provide many benefits. Don’t have a program in place? Start small with simple gestures that show that you care and want the best for your employees … and contact us here to learn more.