Why Recognize
There are many reasons why recognition is important in an organization. Recognition offers a low-cost strategy with a big-impact effect on morale, performance, recruiting and retention, which are all important to engagement.
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In the United States, disengaged employees cost the economy $300 billion a year whereas companies with high employee engagement yield higher sales, higher productivity and higher retention than companies with low employee engagement.
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Lack of appreciation in the workplace was found by the Department of Labor to be the number one reason for voluntary turnover, ahead of compensation or benefits.
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The Society for Human Resource Management (SHRM) has found that individuals with higher engagement are “more likely to go the extra mile and deliver excellent on-the-job performance.”
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When employees were asked by Watson Wyatt to identify “very significant” motivators of performance, 66% of respondents answered “appreciation” as opposed to only 15% who reported financial reward.
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In a study conducted by the Forum for People Performance Management and Measurement, managers who use reward and recognition services rated non-cash programs superior to cash for motivating staff to achieve business objectives.
CLICK HERE to return to Recognition Toolkit Overview
Publicly thank, congratulate, or recognize a GW colleague on either a job well done or a special occasion!
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