Are you still undecided on whether or not to implement an employee recognition program into your business? Some companies wrongfully believe that it won’t offer any benefits; therefore, they continue operating without recognizing employees who go above and beyond the call of duty. Even if your business runs fine without an employee recognition program in place, chances are it could benefit your company in numerous ways. To learn some key facts about employee recognition, keep reading.
#1) Ranks as Top Factor For Employee Retention, Customer Satisfaction, Productivity and More
According to a poll performed by Gallup.com, employee recognition is one of the top factors in determining a company’s productivity, profits, employee retention, and customer satisfaction. These are all key metrics that play a direct role in the success of a company. While many companies attempt to dissect each of these factors individually, implementing an employee recognition program is a simple way to improve them all.
#2) Less Than Half of All Employees Are Happy With Workplace Communication
It’s estimated that only 46% of all U.S. employees are happy with the current lines of communication between workers and managers. When communication is broken down, problems and concerns oftentimes go unnoticed – and this contributes to larger issues such as workplace accidents, reduced productivity, harassment, etc. Thankfully, recognition goes hand-in-hand with communication. By constructing an employee recognition program, you’ll encourage better communication.
#3) 50% of Employees Would Switch Jobs For Better Recognition
Here’s an eye-opening statistic for you – approximately 50% of all workers would switch jobs for better recognition. If you aren’t recognizing employees for their efforts, they may look for a job from one of your competitors. This, of course, hurts your company in a number of ways, only one of which is increased turnover rates, so make sure you recognizing employees.
#4) Unengaged Employees Costs Businesses $350 Billion Annually
Yes, another eye-opening statistic is that unengaged employees cost businesses around $350 billion annually. Some workers simply show up to work and go through the motions without putting forth any real effort. They’ll do enough to ‘get by,’ but not enough to really propel the business into success. This lack of engagement translates into lower productivity and efficiency.
So, what’s the solution to unengaged employees? Recognition. Employees who are recognized for their efforts are more likely to excel and push themselves on the job. Something as simple as a verbal “Nice job today” is all it takes to keep employees engaged. Or you can take it one step further by rewarding them with a personalized plaque or trophy.