Why is recognition important?
What is the outcome?
Employee recognition is crucial to company growth, retention, and employee satisfaction. Recognition is important because it gives way for employees to show to each other the value they bring and celebrate them. Finding and hiring good talent is time-consuming and challenging.
Think about all the hours and work that goes into creating a job post, interviews, onboarding, etc. There are a lot of tools out there that help simplify the process. Once a person is in, companies tend to assume their work of impressing and woo-ing employees is done. What is more challenging than hiring? Employee turnover. Out of 600 US businesses, over 60% said retaining employees is much harder than hiring them.
The link between employee engagement and retention is well established. Employees who are highly engaged are 87% less likely to leave an employer.
What makes employees feel valued and what does not?
The way to keep employees happy is through consistent recognition of their work and value. It's truly a win-win - the company gets a happy, hard-working employee, and the person feels like what they do matters.
Survey Monkey found out that 63% of employees who are consistently recognized in the company are very unlikely to look for a new job. Prevention and retention > repair and despair.