Creating cultures of appreciation and engagement.
What can recognition do for your business?
Recognition is a powerful business tool to attract, retain and engage great employees. Research shows that a culture of appreciation and engagement is one of the key components of being a Great Place to Work. Companies that have an effective employee recognition strategy experience:
➤ Higher levels of employee engagement and productivity
➤ Increased employee retention
➤ Improved communication across the organization
➤ A more positive work culture.
In fact, organizations on Fortune Magazine’s 100 Best Places to Work list are 30-40% more profitable than S&P 500 companies. Employee recognition is a critical component of their business models and they practice it.
And it’s not just about formal awards and recognizing star performers once a month or quarter. Trends show businesses are focusing more attention on day-to-day appreciation tools and activities. Cultivating a positive work culture involves finding meaningful ways to say “thank you” and recognizing employees who demonstrate behaviors aligned with core values.
Recent studies show that two out of three employees are actively testing the job market. Over the past few years, employees have been expected to do more with less and employee loyalty is now at an all time low. Now, more than ever, recognition is serious business!