Timely, formal or informal, expressed
and appreciative acknowledgment of a person’s or team’s efforts above and beyond the call of duty or reasonable expectations in the course of their professional endeavors, or behaviors and results which uphold the company’s goals and values.
Organizations scoring in top 20%
for building appreciation-rich cultures have 31% lower voluntary turnover than every other enterprise – Bersin & Associates “The State of Employee Recognition in 2012”.
“We are at our best
when each other is at their best.” - Mark Welch, Northern Trust’s Chief Talent Officer.
Peers are the #1 influence
on their colleagues, not monetary compensation or bonuses, and the reason behind 20% of all employees going the extra mile – 2014 TINYpulse Employee Engagement and Organizational Culture Report.
When offered the opportunity, 44%
of all employees will organically give each other recognition on a consistent basis – 2014 TINYpulse Em- ployee Engagement and Organizational Culture Report.
“We’ve seen retail clients increase
customer satisfaction rates by 112% in retail stores that implemented recognition programs versus stores that did not...” Rob Catalano, Vice President of Global Expansion and Engagement – Achievers.
David Brown, founder and president
of Datotel, replaced gift cards and “employee of the month” programs with handwritten notes and direct praise for commendable behavior and results, creating better morale and engagement.
Random appreciation has less impact,
and so recognition programs should align with company goals and values in order to reinforce behav- ior towards practices which really matter the most.
Employees often view recognition from
bosses as “political”, but consider peer to peer appreciation as genuine since colleagues are better ac- quainted with personal efforts and contributions than supervisors.
When asked what leaders could
do more of to improve engagement, 58% of respondents replied “Give recognition” - Psychometrics, A Study of Employee Engagement in the Canadian Workplace 2010.
“Story Telling” is one of
the most powerful practices in employee recognition, carried out by publicly praising specific exemplary performanc- es, sharing appreciation on social media, or mentioning the efforts on a company blog or newsletter.
Having a recognition program is
insufficient on its own, if not combined with strategic approach and tactical understanding of appreciation methods which would fulfill the needs of the employees.
Only 58% of employees think
that their organizations have recognition programs, despite 75% of organizations having them in some form or the other – Bersin & Associates “The State of Employee Recognition in 2012”.
Hailed as one of the
most admired companies in the world by the Fortune magazine for 8 consecutive years, and recognized by Financial Times Group as the best private bank in US for the 6th time in 2014.