The details of this report are so interesting, I struggled to find a way to summarize it in a blog post shorter than the actual report itself. Then I realized a common trend throughout the findings – deeply incorporating your core values into your strategic, social recognition program matters.
Of course, just being recognized in any form for the work they do is critical for employees (Findings 1 & 2). That’s why lack of recognition is the second most cited reason by employees for why they want to leave their current jobs (see chart). Compensation, unsurprisingly, is first, but recognition ranks high above “relationship with manager,” which is what most people think the problem is when employees choose to leave.
But any old recognition program (pizza parties, employee of the month, and the like) is not good enough. The research shows recognition tied to core values delivers far better results (Findings 3 & 5):
* 87% of employees with formal, values-based recognition programs report feeling appreciated, vs. 78% of those without values-based recognition and 57% with no recognition at all
* 79% of employees say recognition tied to core values gave them a stronger sense of company goals and objectives
* 65% of workers who could name their values say they had a strong grasp on company objectives, versus only 23% who say they didn’t know any
* 88% of those who know their core values say they are engaged vs. 54% of respondents who say they didn’t know any of their company values
* Workers with values-based recognition programs are far less frustrated with getting things accomplished at work
Frequency and timeliness of recognition also plays a key factor (Finding 4). As the report points out:
What does all this mean? Frequent, timely recognition, based on your core values:
1) Reduces turnover
2) Increases employee understanding of and commitment to delivering against company goals and objectives (which translates to increase productivity directly on your top organizational priorities)
3) Increases employee engagement (willingness to give more discretionary effort to achieve your goals and objectives)
If you’re going to make the effort and investment in employee recognition and rewards, then get the most ROI by tying frequent, timely recognition to your core values.
Does your organization have an employee recognition program? What is it tied to?