As we enter the holiday season, this is a great opportunity to express appreciation for those around us from our family and friends to all our teammates across our company. Taking time to appreciate your team is not only generally a great thing to do, studies show it can also go a very long way to driving greater employee engagement but also, improved overall employee retention. Given the recent staffing shortages, not only is recognizing and appreciating your team just a good thing to do, but it can also keep your great team happy and loyal to your business.
Let’s look at the influence of incorporating employee recognition programs in your business by the numbers.
Employee recognition is a $36 billion market.
- According to a recent study by Forbes 87% of company recognition programs emphasize and influence retention.
- 91% of HR professionals believe recognition and reward programs inspire employee loyalty
- 65% of employees who have been recognized are more likely to stay at his/her current job for the next three to six months
- It’s very important to recognize milestones like 5, 10, and 20 year anniversaries
- 44% of employees are likely to change jobs if there is a lack of recognition for their efforts
You might ask, does instituting employee recognition programs really increase productivity? The answer is a resounding, Yes!
According to a study released by Deloitte, when employees are happy, the businesses experience, on average, a 31% increase in productivity. There’s greater employee engagement and improvements in job performance. Some more interesting numbers to support how employee recognition increases productivity:
- Employee recognition creases engagement, productivity and performance by 14%
- More than 40% of recognized employees would put more energy into their work
- Top factors that influence performance and engagement for employees are work that’s interesting (74%) and recognition and rewards (69%).
While the holidays inspire us to be more appreciative to our team in general, instituting year round employee recognition programs really can improve employee well-being, satisfaction, retention and health. 83% of HR leadership agree that these programs positively affect the overall organizational culture.