According to a recent survey of 80,000 employees, recognition was a principle factor in employee satisfaction and retention. The purpose of the survey was to identify critical dimensions of quality workplaces in which four outcomes were at a high level: employee retention, customer satisfaction, productivity and profitability - are all at high levels. What does this affect?
- Supports 50% lower turnover
- Creates 56% higher customer loyalty
- Causes 38% increase in productivity
- Builds relationships
- Encourages personal achievement
- Reinforces company goals
- Builds employee loyalty
- Rewards employees for performance
- Increase profitability by as much as 27%
Not a lot of organizations do recognition well, in fact, only a minority do. Those that do, have a recognition strategy that is multi-tiered, multi-faceted and fully integrated. As a result, a good recognition program will:
- Support and value employees, to positively reinforce their initiative and creativity, and to enhance business performance.
- Presented at different levels depending on the accomplishment significance.
- Be available for a wide variety of achievements and contributions, such as:
- Innovations and improvements
- Performance excellence and meritorious actions
- Length of Service
A good recognition program doesn't have to be expensive. On the contrary, most recognition programs will create lasting value, long-term return and result in a good investment. All it takes is thought and care and a willingness to acknowledge your most important assets - the people who are your company.
