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Employee appreciation or recognition is the timely acknowledgment of a person’s or team’s “beyond normal” effort, result or behaviour that uphold the company’s goals and values. It can be formal or informal depending on the situation.<br><br>Appreciation is not learned overnight. In order to be more effective, you need to understand the psychology of praising others and apply it on yourself too. If done right, employee appreciation can be catalytic, causing dramatic positive changes that affect your entire company’s culture. <br><br>Why do employees need to be appreciated? Kelly Mannard, Chief Marketing and Strategy Officer of Northern Trust, puts it clearly this way: It’s human nature to want to be valued!<br><br>Most employees respond positively to appreciation because it confirms that their efforts are valued. It gives them that sense of achievement for a job well done — a “pat in the back”.<br><br>Read more at >>> cake.hr<br>
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Timely, formal or informal, expressed and appreciative acknowledgment of a person’s or team’s efforts above and beyond the call of duty or reasonable expectations in the course of their professional endeavors, or behaviors and results which uphold the company’s goals and values.
“The number-one reason most Americans leave their jobs is that they don’t feel appreciated.” - Gallup, Tom Rath and Donald Clifton “How Full Is Your Bucket? Positive Strategies for Work andLife”.
Companies with strategic recognition programs report 71% and higher engagement levels among workers, as compared to companies with- out the same – 2012 SHRM/Globoforce Employee RecognitionSurvey.
Disengaged workers cost the economy $300B+ every year – Gallup,2010.
60% of Best-in-Class organizations stated that employee recognition is extremely valuable in driving individual performance – Aberdeen Group, “The Power of Employee Recognition”,2013.
70% of North American workers hold timely recognition to be “effective” or “very effective” - surveyed by staffing firm OfficeTeam.
Motivated workers invest more effort and enthusiasm in their work, since they feel they have a purpose – an important part to play in the company’sgoals.
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Companies spending 1% or more of payroll on recognition, 85% see a positive impact on engagement – SHRM/Globoforce Employee Recog- nition Survey,2012.
Employee appreciation creates an environment where employees want to work and to continue making a difference on the company and on theircolleagues.
Organizations scoring in top 20% for building appreciation-rich cultures have 31% lower voluntary turnover than every other enterprise – Bersin & Associates “The State of Employee Recognition in2012”.
Higher turnovers affect morale and cost companies millions of dollars from employee investments, but well-appreciated employees stay longer in the organization.
“We are at our best when each other is at their best.” - Mark Welch, Northern Trust’s Chief Talent Officer.
Peers are the #1 influence on their colleagues, not monetary compensation or bonuses, and the reason behind 20% of all employees going the extra mile – 2014 TINYpulse Employee Engagement and Organizational CultureReport.
When offered the opportunity, 44% of all employees will organically give each other recognition on a consistent basis – 2014 TINYpulse Em- ployee Engagement and Organizational CultureReport.
Teamwork improves significantly with appreciation programs, because employees understand their efforts are recognized not only by supervi- sors but by colleagues and peers aswell.
“We’ve seen retail clients increase customer satisfaction rates by 112% in retail stores that implemented recognition programs versus stores that did not...” Rob Catalano, Vice President of Global Expansion and Engagement –Achievers.
41% of customer are loyal because of good employee attitude – MCA Brand AmbassadorBenchmark
5% increase in customer retention generates a 25% to 85% increase in profitability – Harvard BusinessReview
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Example: Instead of “Employee of the Month”, create a culture of “doing the right thing” by recognizing outstanding customer service when a problemarises.
David Brown, founder and president of Datotel, replaced gift cards and “employee of the month” programs with handwritten notes and direct praise for commendable behavior and results, creating better morale andengagement.
Random appreciation has less impact, and so recognition programs should align with company goals and values in order to reinforce behav- ior towards practices which really matter themost.
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Employees often view recognition from bosses as “political”, but consider peer to peer appreciation as genuine since colleagues are better ac- quainted with personal efforts and contributions thansupervisors.
Peer-to-peer is 35.7% more likely to have a positive impact on financial results than manager-only recognition – SHRM/Globoforce Employee Recognition Survey,2012.
40% of surveyed employees felt that increased salaries and financial rewards were ineffective in reducing turnover – Kepner-Tregoe Survey.
#1 motivator (37%) voiced by employees in a recent Forbes survey - “RecognizeMe”.
When asked what leaders could do more of to improve engagement, 58% of respondents replied “Give recognition” - Psychometrics, A Study of Employee Engagement in the Canadian Workplace2010.
“Story Telling” is one of the most powerful practices in employee recognition, carried out by publicly praising specific exemplary performanc- es, sharing appreciation on social media, or mentioning the efforts on a company blog ornewsletter.
70% of employees are recognized annually or not at all - Bersin & Associates “The State of Employee Recognition in2012”.
Employees not adequately recognized at work are three times more likely to leave in the following year –Gallup
Inculcate a simple culture of top-down as well as peer-to-peer complimentary appreciation, since frequent recognition motivates employees to give their best everyday.
Having a recognition program is insufficient on its own, if not combined with strategic approach and tactical understanding of appreciation methods which would fulfill the needs of theemployees.
Only 58% of employees think that their organizations have recognition programs, despite 75% of organizations having them in some form or the other – Bersin & Associates “The State of Employee Recognition in2012”.
NorthernTrust An exemplary casestudy
Hailed as one of the most admired companies in the world by the Fortune magazine for 8 consecutive years, and recognized by Financial Times Group as the best private bank in US for the 6th time in2014.
