A Gallup poll suggests that employee recognition leads to greater productivity and an increase in profitability of 21%. Employees that feel appreciated can significantly improve the workplace environment. It boosts morale, leads to fewer accidents, and motivates employees to work harder.
Employee recognition is more important than ever in today’s remote work environment. With the upward trend for my company’s Chicago Private Yacht Rentals employee recognition and reward charters, more employers are indeed responding to the importance of recognizing their employees.
Employee Recognition: The Missing Piece In Your Great Resignation Arsenal
By: Kartik Mandaville Forbes Councils Member
Employee recognition is something that every organization does, but is it effective? Are employees feeling appreciated?
Employee recognition is more important than ever in today’s remote work environment. A successful recognition program could improve workplace culture, employee engagement and retention. Amid the Great Resignation, it’s critical to focus on workplace culture, as it demonstrates that employees are now more concerned with the type of work they do than the perks and benefits that come with it.
According to Workstars, 66% of employees are likely to leave their jobs because they don’t feel appreciated. Again, this figure is higher among millennials, with eight out of 10 individuals looking for a new job if they don’t feel appreciated by their peers or leaders.
What Is Employee Recognition?
Employee recognition is an expression of gratitude to an employee for their efforts and contributions to the organization. It’s as easy as recognizing them for their daily tasks, teamwork, suggestions and opinions.
When employees are recognized for their contributions, they feel more connected to their work and the team, boosting their morale. This increases employee productivity and improves the quality of their work. Additionally, it fosters a strong sense of belonging to the organization.
The Importance Of Employee Recognition
Creating a great workplace culture has become critical in the current scenario of the Great Resignation, the war for talent and the ongoing pandemic. Employee recognition can help you:
• Retain Talent: All employees value and actively respond to recognition. According to a 2012 study, effective recognition programs that boost employee engagement see a lower turnover rate than ineffective complex recognition programs.
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• Employee Satisfaction: When employees are recognized, they feel a sense of accomplishment and realize that their efforts make a difference.
• Stronger Values: Employee appreciation highlights company values and helps employees align their work with the company.
• Building A Positive Workplace: Employees feel satisfied and empowered when company values align with individual values, thus improving culture.
• Employer Branding: Employees who are pleased with their workplace culture actively contribute to attracting new talent.
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