WHY FOCUS ON RECOGNITION?
“We’ve found that up to 55 percent of employee engagement is driven by nonfinancial recognition—which serves as the biggest driver of employee experience. This insight is congruent with our findings that an employee’s decision to leave is often driven by not feeling valued by the organization or their managers.”
– McKinsey
“Recognition not only boosts individual employee engagement, but it also has been found to increase productivity and loyalty to the company, leading to higher retention”
– Gallup
“Recognition is fundamental to the engagement and retention of top talent and the profitability of our organizations. A recent study found that employees who reported that their managers were great at recognizing them were more than 40% more engaged than those with managers who were not.”
– Christopher Littlefield, Harvard Business Review
“Recognition has long been known to be an important driver of employee engagement, but it is also a very important factor in creating a culture where innovation thrives.”
– Dr. Amantha Imber
“In today’s disruptive climate defined by low budgets, anxiety and economic insecurity, rewards and recognition programs are key levers HR leaders can use to motivate performance and retain top performers.”
– Gartner
Sources:
1) McKinsey & Company. Money can’t buy your employees’ loyalty. March 28, 2022. <https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/the-organization-blog/money-cant-buy-your-employees-loyalty>
2) Gallup. The Importance of Employee Recognition: Low Cost, High Impact. January 12, 2024. <gallup.com/workplace/236441/employee-recognition-low-cost-high-impact.aspx>
3) Littlefield, Christopher. Harvard Business Review. A Better Way to Recognize Your Employees. October 25, 2022. <https://hbr.org/2022/10/a-better-way-to-recognize-your-employees>
4) Imber, Amantha (2016) The Innovation Formula. Wiley Publishing
5) Gartner. Rewards and Recognition That Motivate. March 16, 2021. <gartner.com/webinar/virtualevent/3993274>