When rewarding employees, there are many factors to consider, such as the impact on the company’s bottom line or whether an award will make any difference in an employee’s performance. Therefore, it is vital to explore a range of award options and the statistics of each one.
The company needs to clarify to its employees what the award is and why they are being awarded. This should be done as soon after someone has been rewarded.
What award options exist?
Awards can be given in a number of different ways, such as contests, peer-to-peer recognition, and company-wide competitions. One award option that brings about high levels of engagement is plaques. Award plaques often have a deeper meaning than just looking nice on the wall; they are also an award of recognition.
Best employee recognition stats that any manager needs to know
1. According to Bersin by Deloitte, 86% of employees feel they are not recognized for their work. Even worse, 24% actually leave their company due to a lack of recognition!
2. It has been said that employees whose peers recognize are up to five times more engaged than those who are not. Other statistics say that 60% of employees would rather get feedback from their boss via peer-to-peer recognition. In comparison, only 35% would prefer getting feedback directly from their manager.
3. The average employee spends around 6 hours per week looking for ways they could improve at work, either with different tasks or new skills. This statistic shows how important learning and development are in any company and how they can increase morale and productivity.
4. The most common award given by Australian companies is a monetary bonus, which accounts for around 26% of company rewards. Almost half of all American companies opt for cash awards as their primary form of recognition, with 43% choosing these rewards.
5. When employees are allowed to participate in the decision-making process at work, they are more likely to feel appreciated by management. Companies with staff meetings where the workers’ ideas are valued have approximately 50% less turnover than those without company-wide meetings or discussions about daily tasks or concerns.
6. 90% of managers say they see increased engagement when they receive regular feedback on their performance, according to the Society for Human Resource Management (SHRM). HR managers should use this statistic to encourage management feedback in order to assess how well employees are performing and then reward them accordingly.
7. The average person spends almost two weeks per year looking for new jobs, according to Glassdoor, with millennials spending even more time looking for different job opportunities than older generations. This translates into higher levels of engagement when an employee has been rewarded or recognized by their current company.
8. According to Corporate Executive Board Company, cash rewards can increase productivity by around 9% on average – making monetary awards some of the most effective ways of recognizing an employee’s performance. However, the total value of the reward must be matched with how important the employee’s role is within the company to ensure that their current employer adequately values them.
9. One of the best ways managers can show appreciation for an employee’s performance is to thank them for it in person. This statistic shows that almost 50% of people would prefer this recognition method instead of receiving a financial bonus, gift card, or even praise from their boss!
10. Although roughly 80% of companies globally offer some form of employee rewards or staff incentives, around 20% do not have any formal process to reward staff members who do good work. This means that even if employees meet all their objectives and targets, many will feel unappreciated.
Conclusion
In summary, there are many ways that companies can recognize and reward their employees for good work. Whether it is a simple ‘well done from a manager or more personal recognition methods such as peer-to-peer feedback, companies should be keeping in mind these statistics to motivate and reward staff members.
This will make the employees go above and beyond their capabilities. It will increase employee morale, productivity, and engagement throughout the business.