Workplace Recognition and Incentive Programs

Fostering Recognition

Posted on March 8, 2012 by Motivo Staff in Uncategorized

82% of Worlds Most Admired Companies regularly reinforce rewards philosophy in communications with employees vs. 64% of their peers (Hay Group)

Management needs to show employees that their accomplishments are appreciated. “Authentic recognition is so much more than an annual gala or occasional gift card for good behavior. Recognition is social, strategic, and powerful,” Mr. David Zinger of the EEN says.

6 Ways Employee Recognition Pays

  1. Provide Public Validation – Recognition by your peers makes you feel valued, and does so in a significant way. This is because only your peers truly understand the skill, time and effort of the finished project. Although others may appreciate the result, your peers recognize the process, and this recognition is especially validating.
  2. Increase Talent Retention and Productivity – If you believe that your efforts matter, then you’ll be less likely to leave and more likely to make greater contributions. Non-monetary social recognition builds employee engagement, which is proven to increase retention and discretionary effort.
  3. Reinforce Corporate Culture – Peer-to-peer recognition programs build institutional memory, serving as a repository of stories that would otherwise go untold. The act of publicly celebrating these stories helps to shape the culture of the company.
  4. Improve Talent Spotting – When your peers recognize your contributions your successes are seen by the entire company. The sender also benefits by visibly demonstrating managerial skills.
  5. Foster Collaboration – Allowing praise and recognition to be shared out in the open creates a rich gallery of stories that can be searched and browsed by anyone.
  6. Inspire and Energize Employees – It doesn’t take much to say “thank you” for a job well done. Yet the impact of those two words can be astounding, changing the way employees feel about themselves and their work.

94% of Worlds Most Admired Companies feel that their efforts to engage employee have reduced turnover vs. 67% of peers (Hay Group)

While many organizations continue to rely on monetary rewards to motivate employees, we’ve found that non-monetary and peer-to-peer employee recognition not only costs less in the short term but pays off significantly in the long run.

Today’s employee demands: work-life balance; job satisfaction; an environmentally friendly workplace; opportunity for promotion, staff recreation and accommodation to dietary and religious predilections; maternity / paternity leave; daycare; recognition; rewards; ergonomic, designer workspaces with a view and a trip to Jamaica.

So, what are you waiting for? Start a strategic review of your recognition efforts today! It will pay off.

Sources: The Hay Group; David Zinger, the Employee Engagement Network and David Bator of Tembo Social