6 Ways Fostering Employee Recognition Pays
The great David Zinger - host of The Employee Engagement Network- recently shared 10 Building Block's For Employee Engagement as part of Harvey Schachter's column in The Globe and Mail.
Among my favorites was "Foster Recognition." According to Zinger, "authentic recognition is so much more than an annual gala or occasional gift card for good behaviour. Recognition is social, strategic, and powerful."
While many organizations continue to rely on monetary rewards and points-based systems to motivate employees, we've found that non-monetary, peer-to-peer employee recognition not only costs less in the short term but pays off significantly in the long run.6 Ways Employee Recognition Pays
- Provide Public Validation - Recognition by your peers makes you feel valued, and does so in a significant way. This is because only your peers truly understand the skill, time and effort of the finished project. Although others may appreciate the result your peers recognize the process, and this recognition is especially validating.
- Increase Talent Retention and Productivity - If you believe that your efforts matter, then you’ll be less likely to leave and more likely to make greater contributions. Non-monetary social recognition builds employee engagement, which is proven to increase retention and discretionary effort.
- Reinforce Corporate Culture - Peer-to-peer recognition programs build institutional memory, serving as a repository of stories that would otherwise go untold. The act of publicly celebrating these stories helps to shape the culture of the company.
- Improve Talent Spotting - When your peers recognize your contributions your successes are seen by the entire company. The sender also benefits by visibly demonstrating managerial skills.
- Foster Collaboration - Allowing praise and recognition to be shared out in the open creates a rich gallery of stories that can be searched and browsed by anyone.
- Inspire and Energize Employees - It doesn’t take much to say “thank you” for a job well done. Yet the impact of those two words can be astounding, changing the way employees feel about themselves and their work.
Non-monetary employee recognition programs provide short and long-term benefits. Download our complimentary white paper, "How Non-Monetary Social Recognition Delivers More For Less" to learn how they are also proven to be more effective in engaging and motivating knowledge workers than traditional monetary incentives.