For Total Rewards leaders the ultimate goal is to find the right strategy to drive employee productivity, retention, and attraction. One often overlooked tool is an optimized recognition platform.
Are you ready to drive results with the right recognition strategy but aren’t sure how to get C-suite buy-in? Use this simple one-pager to demonstrate the value of a recognition platform.
Jump straight to report: Outcomes of a robust recognition program
How can I increase productivity in my organization?
According to Achievers Workforce Institute data, four factors correlate with increased productivity:
Recognition frequency correlates strongly with high productivity — the more often someone is recognized the more likely they are to report being highly productive.
Employees who say their organization takes meaningful action on feedback are almost three times more likely to say they are their most productive selves at work.
Employees who say their company supports them in creating and maintaining friendships at work are 2.6 times more likely to report being their most productive selves at work.
- Manager effectiveness
People who would recommend their managers are 2.1 times more likely to report being highly productive.
The number one correlation, according to a survey of more than 5000 respondents, is recognition frequency. The more often a worker is recognized, the more likely they are to say they are their most productive selves at work.
How to increase recognition frequency?
Less than half of employees are recognized at least monthly, despite ample research showing that monthly recognition is the minimum required to drive results.
Three ways to increase recognition frequency:
- Start at the top
Manager recognition is crucial to creating a culture of recognition. Those regularly recognized by their managers are also more likely to regularly recognize others.
- Train to introduce and reinforce
Few employees report receiving training on recognition best practices. Introduce regular training on how and why to send meaningful recognitions to empower every employee to contribute to a culture of recognition.
- Invest in an effective platform
An effective recognition platform will drive the results HR leaders require. From the right metrics to key integrations, a recognition solution can be a true engagement and retention driver when carefully selected and executed well.
The business case for recognition
- Increase employee engagement
Employees recognized monthly are 61% more likely to be highly engaged than those recognized quarterly. AWI research shows that it takes at least one recognition per employee per month to move the needle on employee engagement.
- Improve retention
Those recognized weekly are five times more likely to say they’re not job hunting compared to those never recognized. Achievers customer Coborn’s found that employees recognized at least three times a month were six times less likely to leave compared to those never recognized.
- Drive productivity
Productivity correlates strongly with recognition frequency. Those recognized weekly are three times more likely to say they are the most productive selves at work compared to those never recognized.