10 Reasons to Improve your Recognition Practices
May 18, 2023In Management & Organizational Performance
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The benefits of recognition at work have long since been proven. Discover the 10 reasons to improve your recognition practices in your organization.
1. TO SOLIDIFY YOUR EMPLOYER BRAND:
66% of human resource managers affirm that their recognition program solidifies their employer brand.
2. TO ATTRACT TALENT:
Consistently high performing employees are 19% more likely to work for organizations that adopt excellent recognition practices.
3. TO IMPROVE THE EMPLOYER-EMPLOYEE RELATIONSHIP:
63% of employees who are dissatisfied with their relationship with their immediate supervisor mention the lack of recognition as the primary source of conflict.
4. TO MOTIVATE YOUR EMPLOYEES TO PERFORM:
69% of employees would work harder if they felt that their efforts were appreciated.
5. FOR BETTER MENTAL HEALTH:
The risk of psychological health problems is 6 times higher among employees who don’t receive recognition from their boss.
6. TO DECREASE THE RISK OF WORK INCIDENTS:
Companies with a recognition program related to health and safety at work have seen their number of incidents decrease by 37%.
7. TO INCREASE ENGAGEMENT:
85% of companies that invest 1% of their payroll in recognition see a positive impact on engagement.
8. TO RETAIN YOUR EMPLOYEES:
Companies who adopt a strategic recognition approach report an average turnover rate of 23.4% less than organizations who don’t have a recognition program.
9. TO INCREASE PRODUCTIVITY:
Companies that implement social recognition based on peer values see a 23.9% increase in productivity.
10. TO PROMOTE FINANCIAL PERFORMANCE:
Organizations with the most sophisticated recognition practices are 12 times more likely to see a positive impact on their financial returns.