An effective employee recognition program doesn’t have to be expensive or time-consuming, and the benefits include higher morale, engagement and retention.
There is a constant refrain in the modern workplace: Employee recognition is critical for employee engagement and retention. In a recent Top Workplaces survey, 60% of respondents said their organization has increased employee appreciation and recognition efforts post-pandemic.
And there’s more: • 85% said their manager values them as a person, not just an employee.• 84% feel appreciated by their managers.• 83% believe the people they work with show appreciation for each other.• 76% said senior managers show genuine appreciation for employees’ hard work. Recognition reminds people of their value, regardless of where or how they work. But what is employee appreciation, what does it look like, and why does it matter? Benefiting the bottom line A stronger workplace culture boosts the bottom line. Irrational Capital, a leading investment research and development firm, has tracked the financial performance of publicly traded Top Workplaces against the S&P 500 since 2006. By the end of 2023, the Top Workplaces Index outperformed the S&P 500 by 50%, demonstrating the financial benefits of an award-winning culture. What is employee recognition? Put simply, employee recognition is how a company appreciates people and their contributions. Recognition continues to be a leading driver of employee engagement, affecting employee connection, motivation and pride. Showing gratitude matters. Employee recognition and appreciation initiatives also are a good way to reinforce company goals and values. Acknowledging and celebrating employees who embody your ethos motivates others to do the same, which is good for your business and brand. Types of recognition Here are the most common types of recognition: • Formal recognition: Structured, official, well planned and well documented throughout the organization.• Informal recognition: Spontaneous, unstructured and interpersonal. This type is all about boosting morale without official formalities.• Employee-to-employee recognition: Also called “peer-to-peer recognition,” this one refers to how employees appreciate and motivate their teammates.• Top-down and direct-report recognition: Comes from someone in a more senior position. Why it matters Top Workplaces Research Lab survey data shows that 95% of organizations rank employee appreciation and recognition as a top 10 priority. And it pays dividends: 63% of those that made it a top three priority post-pandemic indicated their employees feel more appreciated. An effective employee recognition program doesn’t have to be expensive or time-consuming. It’s all about asking employees how they want to be recognized and following through meaningfully. That way, you reap the benefits of employee recognition: higher morale, engagement and retention. When figuring out what employee appreciation ideas to try, choosing options that match your employees’ preferences is essential. Ask for feedback to know which initiatives will be most effective — you’ll never know until you ask. Starting a program So how does an organization get started? Our research shows there are a few areas to focus on first, including saying “thank you” more often. As simple as it sounds, regular verbal appreciation is highly effective. After that, explore different strategies to see what resonates most with your team. Once you find a strategy that works, incorporate it into team meetings, instant message channels and onboarding programs. Be sure to monitor progress. Here are six top tips for improving employee appreciation and recognition, no matter where you’re starting from. • Get leaders, managers and peers involved.• Be thoughtful about who — and what — your organization recognizes.• Provide personalized forms of appreciation.• Find ways to recognize remote employees, too.• Provide various forms of recognition.• At the end of the day, financial recognition is important, too.
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