March 1st is National Employee Recognition Day!
Did you know that employees who receive regular well thought out recognition from their supervisors/managers and peers are:
73% less likely to feel burned out.
54% less likely to be looking for other employment.
Further studies indicate that those employees who only receive recognition just a few times a year are:
5x more likely to be actively disengaged.
74% more likely to leave their organization within one year.
27% more likely to be struggling.
Employees who receive recognition from their peers just a few times a year are:
3x as likely to be disengaged.
39% more likely to leave their organization within one year.
24% more likely to be struggling.
A recent study by Gallup revealed that companies that routinely engaged in employee recognition efforts had a significant competitive advantage over companies that did not regularly recognize their employees. That can mean companies that routinely recognized their employees are experiencing 23% higher profits, 64% fewer safely incidents and 18% lower turnover rates. Unlike companies that do not routinely recognize their employees. According to Gallup’s findings 17% of employees are actively disengaged, this means that companies are losing $450 to $550 billion dollars in lost productivity. That disengagement can infect other employees, lowering their morale and productivity as well, bringing those lost revenues even higher.
The key takeaway from this is that employee recognition should not just be a one a year endeavor but something that is done regularly. It is not necessary to give out praise or recognition daily, but regular acknowledgement of a job well done, whether it be on a project that was completed in a timely manner, or any other work activity. It is important to remember that employees act according to what their managers actively reinforce, whether it is done passively by allowance or actively through praise and recognition.
Recent surveys have suggested that only 1/3rd of companies actually train their employees in how, when, and why to recognize their peers. Management training in employee recognition is more common with 61% of companies surveyed providing this type of training. It is important to note that 1/3rd of all organizations surveyed fail to train their HR leaders in how to recognize their own direct reports.
Your team at Savio are experienced in offering a variety of employee recognition solutions to meet the needs of your organization, so pick up the phone and give us a call. We are here to help.
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