Where does your organization rank employee recognition in terms of importance when it comes to overall company functionality? Unfortunately, most rank it much lower on the list than it should be. Employee recognition is the backbone of employee engagement—no one wants to do impressive work, or continue doing it, if they feel like it goes unnoticed or unappreciated. It’s important to know everything you can about employee recognition in order for it to effectively help your organization.
Here are several facts about employee recognition that everyone should know.
- 87 percent of recognition programs focus on tenure.
- The number one type of recognition that most organizations have in place is recognition for years of service.
- U.S. organizations spend over $100 billion annually on incentive programs.
- When asked what leaders could do more of to improve engagement, 58 percent of respondents replied, “give recognition.”
- Millennials require immediate recognition for accomplishments.
- 70 percent of employees feel that gamification would not be a positive addition to recognition.
- 69 percent of employees would work harder if they felt their efforts were better appreciated.
- Only 14 percent of organizations provide managers with necessary tools for rewards and recognition.
- 41 percent of companies that use peer-to-peer recognition have seen positive increases in customer satisfaction.
- A full 14 percent of companies indicated that their organization features recognition programs regularly when recruiting.
- Companies with recognition programs that are highly effective at improving employee engagement have 31 percent lower voluntary turnover.
- 50 percent of employees believe being thanked by mangers not only improved their relationship but also built trust with their higher-ups.
Remember these employee recognition facts the next time your organization is making employee recognition plans so that you can be a part of the good statistics, and stay away from the bad ones.