Everyone likes to be recognized for their hard work, but it may be surprising to learn just how much of a difference that recognition can make on the job. Everything from employee satisfaction and engagement with the company to the amount of time hires are likely to keep their jobs can be influenced by whether they’re rewarded for their contributions to the workplace.
Attention drives retention
One big difference between employees who receive custom awards and those who don’t is simple to measure – how long they stick with their jobs. The 2013 “Employee Appreciation Survey” from Glassdoor showed more than 50 percent of workers would keep a job longer if they had a boss who expressed appreciation for them. A report from Globoforce showed that it may have an even greater impact, as about 80 percent of workers who received recognition planned to remain at their present jobs, while 55 percent of all employees would consider leaving their organization for a new position with a company that did a better job at staff recognition.
Unlock your employees’ best
Showing appreciation for employees can do more than just keep them in the building. There’s plenty of evidence that workers become better assets for their employers when their contributions are recognized regularly. A survey conducted by McKinsey and Company revealed that such intangible benefits such as recognition awards may actually be more motivational than money.
The organization polled workers on what motivated them to do their best work, and found that pay raises and cash bonuses drove motivation in 52 and 60 percent of people, respectively. Praise from immediate supervisors, however, overshadowed any financial reward, emerging as a performance driver for 67 percent of respondents. Attention from leaders was itself a source of motivation for 63 percent of people surveyed. Despite that, more employees indicated that their companies provided cash bonuses than said they had been commended by managers, and just 41 percent of workers said that they have received attention from leaders.
Boosting motivation in the abstract is a worthwhile pursuit, but the results can provide a further push. Research has shown that engaged employees – those who feel that they belong with their organizations and are driven to do their best – can make a big difference on their employers’ success.
A study from Madison Performance Group showed that engaged workers were better able to help their clients and provided more value for their employers. In companies with more engaged employees, Madison found that 70 percent of workers said they were comfortable meeting their customers’ needs, while only 17 percent of disengaged staff members said the same. Clients prefer to do with workers who identify with their companies, too, as businesses that fostered engagement saw a 12 percent increase in client customer satisfaction. Employees who believe in their organizations could also steer additional business their way, as 78 percent said they would recommend their company’s products, compared to just 13 percent of disengaged workers.
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