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Why is Recognition Important?

When an employee recognition program is effectively rolled out it can have a big impact on a company's bottom line.

 

  • According to the Hay Group, a global consulting firm, “Our research into employee engagement has shown that companies with the most engaged employees report revenue growth at a rate 2.5X greater than their competitors with the lowest level of engagement.”
  • Best selling author and recognition expert Dr Bob Nelson shares that organizations which have a ‘culture of recognition’ have employees that are:
    • 5X times more likely to feel valued
    • 7X more likely to stay with their company
    • 6X more likely to invest in their company
    • 11X more likely to feel completely committed to their jobs
  • Increase employee engagement: when employees are recognized for living a company value they feel appreciated and more connected to the organization’s mission and purpose. Employee engagement can lift by more than 25% when employees are recognized for living core values.
  • Decrease voluntary employee turnover: according to the SHRM (Society of Human Resource Management) one of the most common reasons employees quit is due to a lack of recognition; an effective employee recognition program can lower voluntary by up to 30%.