The Importance of Employee Recogniton
Appreciation = Motivation
Research shows money is NOT the number-one motivator. Recognition and appreciation are! You need to pay your team fairly, but know that being recognized and respected for their contributions is even more important to long term employee job satisfaction than the money.
"What really matters in the workplace is helping employees feel appreciated." - Dr. Ashley Whillans
We know that behind every successful organization is a staff of employees whose hard work and dedication are invaluable to the business. These are team members that you rely on daily to go above and beyond their duties to provide best-in-class customer service, a dedication that has earned your organization the Talk Awards Customer Satisfaction Award.
Research shows that the number-one motivator for employees is recognition and appreciation from their managers, even beating out money and non-cash incentives. The financial cost of displaying appreciation to your employees is quite small in comparison to the benefits to an organization. A meta-analysis about employee recognition was conducted by the Gallop Organization. Their survey of 10,000 businesses in 30 different industries found that companies that actively implemented employee recognition programs saw:
- Increased productivity
- Greater employee satisfaction and enjoyment of work
- Higher loyalty and satisfaction scores from customers
- Enhanced teamwork between employees
- Lower employee turnover
- Better safety records and fewer accidents on the job
- Lower absenteeism
Recognition is a driving force for your team to continue to do great work. In 2015 the Cicero Group conduction a study “employee Performance: What Causes Great Work?”. Their objective was to understand what organization can do to motivate employee to improve performance on a regular basis. According to their findings, the #1 motivator for employees is recognition. Those recognition practices included in the study were Awards and Plaques for exceptional work performance or simple encouragement and appreciation for a job well done.
You can read the full study referenced above HERE