From an early age, we have been conditioned to believe every choice has consequences. Even in science, Isaac Newton showed the world that every action has a reaction. If one doesn’t study for a test, the student has to live with a failing grade. If an employee drops the ball on a project, he or she must answer for their poor discretion. But not all consequences are negative. In some instances, positive consequences have more of a lasting affect than negative ones. If a team wins a championship, they get a trophy or commemorative rings. If a department reaches a quarterly goal, they may get a bonus. Recognition is not just a luxury in today’s society, it’s an expectation. And by not meeting expectations, you may see your top talent walk out the door.
Recognition and Job Satisfaction
According to a recent Gallup survey, only 45% of men and 50% of women are satisfied with the recognition they receive at work for their accomplishments. With more than half of the workforce unsatisfied with companies’ recognition programs and management’s acknowledgment of achievements, there is an obvious disconnect between leadership and staff as to what drives an individual’s satisfaction within a position. Humans need to feel appreciated by those around them – and you spend the majority of your time during the week with your employees. Having low satisfaction at work directly affects the ability to be creative, innovative, and productive.
Recognition and Engagement
Maintaining a culture of recognition and appreciation in your office can go a long way in building job satisfaction, which directly equates to sustaining a higher level of employee engagement at work. In life, we can get burnt-out maintaining a certain level of involvement without a similar level of acknowledgment. Whether it’s going above and beyond to help a friend in need or simply completing mundane tasks for a significant other, sooner or later we need to feel appreciated for our work. If not, it’s only a matter of time until we either lose interest in helping or quit completely. In business, similar rules apply. Your workers may not quit, but it’s not too far-fetched to assume they may stop going above and beyond and start doing the bare minimum.
Recognition and Retention
The CareerBuilder 2013 Candidate Behavior Study recently found that 77% of full-time employed workers are either open to or actively looking for new job opportunities. And with half your workforce potentially being unsatisfied with the current state of recognition at the office, you may have a hard time retaining your best employees. According to Society for Human Resource Management, nearly half of human resource managers say showing appreciation to employees helps reduce turnover and increase profit. With the high cost of losing talent and having to replace them, recognition can be a major factor in maintaining your workforce.
Recognition can be a major factor in keeping a competitive advantage in your market. By having satisfied workers, you in turn maintain an engaged workforce and retain your most prized individuals. How has recognition affected your workforce? What are certain ways you show appreciation to your team? Let us know in the comments section below!