How Recognition Helps the Employees…
Do you ever wonder how much your employees feel appreciated? If not, you should! Feeling valued by a company is one of the top reasons that someone will continue working there. Folks say that people don’t quit jobs, they quit bosses – and that is absolutely true. If a person feels insignificant by their superiors, with no recognition and outrageous expectations, that person is going to leave. Wouldn’t you?
Not convinced? Take a look at the data. In instances where an employee recognition program is done right, employees are…
- 73% less likely to “always” or “very often” feel burned out
- 5x as likely to feel engaged in their workplace culture
- 56% less likely to be keeping an eye out for other job opportunities
- 30%+ more likely to plan on still being with their organization in five years
Clearly, you are more likely to retain your employees if you thank them for their hard work.
…and How It Helps the Company
Less than 30% of employees feel that they receive the “right amount” of recognition from their managers or superiors. This is probably due in part to only 19% of management claiming to have employee recognition as an important part of their company culture.
Maybe you don’t realize it, but employee retention is significant to your company’s financials. For example, a company of 1,000 employees can save over $403,000 in turnover costs by building a strong company culture that includes employee recognition. In a company of 10,000 people, $16.1 million can be saved in turnover costs just by showing that you see the work and drive of your people.
Creating an employee recognition program can be simple and easily incorporated into the budget. Besides, you can save hundreds of thousands of dollars – maybe even millions! – by putting a few procedures into place. Being recognized and appreciated benefits a person all around, including outside of work. Take the time to help your people, and they will be better able to help you.
All statistics from Unleashing the Human Element at Work: Transforming Workplaces Through Recognition. Study through United States, U.K., and Ireland by Gallup, 2022.