Does your company value workers, or just work?
Without a formal system of employee recognition, a workplace can quickly become a boiling stew of frustration, apathy, bitterness and dissatisfaction. What’s the best way to prevent this recipe for productivity disaster?
O.C. Tanner offers seven questions that executives frequently ask about employee recognition, along with data-backed answers to build your case as to why a strategic recognition initiative merits substantive investment. Those common queries, qualms and concerns include:
- How does recognition affect workplace culture? According to O.C. Tanner’s SlideShare, employee recognition enhances all six aspects of “attractive workplace cultures,” including leadership, purpose, well-being, opportunity, success and appreciation.
- Will recognition improve employee engagement or the employee experience? Yes, it will—big time. O.C. Tanner cites data that found a 32 percent boost in engagement for those who feel “appreciated” at work. That same study found a 26 percent increase in employee engagement when employees are encouraged to “give appreciation.”
- How will recognition help with recruiting and retention? Showing meaningful, consistent appreciation to workers is an easy way to create an attractive company culture. According to Gallup: “Workplace recognition motivates, provides a sense of accomplishment and makes employees feel valued for their work. Recognition not only boosts individual employee engagement, but it also has been found to increase productivity and loyalty to the company, leading to higher retention.”
- How does recognition affect our bottom line? This is the brass tacks for most bigshots. O.C. Tanner suggests responding with hard data on how costly it can be to not have an employee recognition program. Consider: “The average cost-per-hire for companies is $4,129, and it takes 42 days to fill an open position. Recognition keeps people longer, decreasing turnover costs.”
If you don’t consistently love the ones you’re with, your best workers will quickly find an employer who will. Breeze through the rest of O.C. Tanner’s SlideShare to learn more about the importance of employee recognition.