Employee recognition is timely recognition of your employees for their good work and efforts to achieve organizations goals.Recognition increases engagement, loyalty, morale in employees. There is an increasing level of interest in the importance of rewards and recognition in the workplace, because it has the ability to generate positive results for organization’s growth and success.
People are hungry for appreciation. It’s a basic human need that drives us to excel in what we do. Businesses need to wake up to understand the need to harness this hunger for recognition in every employee in order to capture the best efforts. Back in school, teachers rewarded students with shiny star stickers which they would bring back home and proudly display. It pushed them to work hard to get more stickers.
In a recent Gallup workplace survey, employees were asked to recall who gave them their most meaningful and memorable recognition.
The data revealed the most memorable recognition comes most often from an employee’s manager (28%), followed by a high-level leader or CEO (24%), the manager’s manager (12%), a customer (10%) and peers (9%). Worth mentioning, 17% cited “other” as the source of their most memorable recognition. Source: http://www.gallup.com/businessjournal/193238/employee-recognition-low-cost-high-impact.aspx
Here are some points highlighting benefits of importance of rewards and recognition in the workplace
Organizations that give regular thanks to their employees far out perform those that don’t. According to Forbes magazine, modern, re-engineered recognition programs can have a huge impact on business performance. Companies that scored in the top 20% for building a “recognition-rich culture” actually had 31% lower voluntary turnover rates.
Most CEO’s would pay millions of dollars to reduce voluntary turnover (this is when good people leave on their own). It turns out that a well-designed recognition program can achieve this result.
The role and importance of rewards and recognition in the workplace?
Lack of recognition equals to lack of encouragement equals to (may sound hard) non-acknowledgement of one’s very existence in the organization. Hence, it’s extremely important to boost morale and keep the momentum high by capturing the fire in their bellies! You might also like to read Apt Recognition programs can help drive 10x Employee engagement
Recognition has the innate ability to create a positive energy which must be encashed by the business to multiply growth and productivity.
BRAVO gives the space and freedom to give wings to your recognition programs in a manner which will align the strengths of your employees to the values and beliefs of your business. Log on to www.bravo.spadeworx.com for further insights to BRAVO.