Understanding the importance of Reward and Recognition

1. 10%
You’ve got the why, so what’s next?
Flight risk
Not feeling valued was one
of the top reasons given for
employees looking to change
jobs in 2016.
Not just £££
Only 13% of employees
said they are motivated
by a bonus.
Performance
Organisations with the most
sophisticated recognition
practices are 12 times more
likely to have strong business
outcomes.
Motivation
of employees suggested better
treatment by their employer,
including more praise and a
sense of being valued, would
be the most motivational thing
their organisation could do.
Not just for
the blue chips
Smaller businesses will benefit
most from a focus on
recognising and rewarding
performance, with an estimated
efficiency gain of
Keeping hold of talent
Companies with strategic
recognition reported a mean
employee turnover rate that is
lower than retention at
companies without any
recognition programme.
Money doesn’t
always talk
Reward and recognition isn’t just about money. According to the ILM,
ensuring employees enjoy their job is the single most effective way to
motivate - even more influential than salary in inspiring staff to work hard.
Remember
to say
thank you
As part of the annual Investors in People Job Exodus Survey in 2016,
employees said ‘say thank you more’ when asked what employers
can do to increase overall happiness.
Make it
relevant
Consider your company purpose and values and what kinds of recognition
and reward would be relevant and motivational to your people. The more
relevant to your culture, the more impact it will have.
Engaging
all levels
Your leaders and managers are the frontline in developing a culture of
effective recognition and reward. Ensure they are engaged themselves
and understand the ‘why’ behind what you’re trying to achieve.
Engagement Providing employees with recognition for high performance was
voted the most impactful driver of employee engagement.
The way you reward and recognise your people can play a big part in how
engaged they feel. And how engaged they are can make a big impact on your
performance. Need convincing? Here’s a few reasons why you need to be
confident in your reward and recognition.
13%
Reward
and Recognition?
Why...
2016 x12
31%
23.4%
We’re passionate about what we do and dedicated to helping you and your organisation be
happy, healthy and sustainable. It may sound clichéd but it’s true.
From specialists in people development and quality management standards, to experts in the field of
high performance working, we are here to help you realise your ambitions – whether helping you to
improve systems, develop your people or grow your business.
If you want to talk about your people and performance, we’d love to hear from you.
(Investors in People)
(SHRM/Globoforce)
(Bersin by Deloitte)
(ILM) (Investors in People)
(ILM)
(Harvard Business Review)
PEOPLE POWER?
Have you unlocked your
t. 0161 237 4200 e. orgimprove@growthco.uk w. orgimprove.growthco.uk
The Growth Company is the trading name of Improvement Development Growth Ltd. Registered Office: Lee House, 90 Great Bridgewater Street,
Manchester, M1 5JW.
Be a better organisation. We're passionate about growing happy,
healthy and sustainable businesses.