Research shows companies find a balance of formal and informal recognition is an effective way of keeping employees motivated and happy. According to Greg Boswell, OC Tanner Recognition Company, the move to make informal recognition part of a corporate recognition strategy has been due in part to companies that are working to improve employee retention. In a study conducted by Robert Half International, 47 percent of executives surveyed said that recognition and praise were the most important factors in keeping an employee satisfied. However, it’s often through formal programs such as career achievement or employee service awards, management can implement communication tools and effective training with the power to impact the entire company. “Formal recognition has the unique potential to tie every employee’s achievements to a company’s values and business goals,” said Boswell. “With ongoing formal recognition as a foundation, informal programs can be added to encourage spontaneous appreciation."
Regardless of the size of the company and the scope of the work, all employees deserve the chance to be acknowledged for their contribution to the success of a company. It’s clearly a win-win situation for business, when people feel valued, they feel better and they perform better. Not to mention how good it feels to be the giver.
For more information, contact RCB Awards at 800-929-9110.
