Employee Recognition: Why It's Important and How to Implement it
Posted by [email protected] on Feb. 27, 2023 / Subscribe 0
Originally published by mentorcliQ
If The Great Resignation of 2021 and the “quiet quitting” phenomenon of 2022 taught us anything, it’s that employee engagement needs to be a priority. Raises and bonuses help, but there’s a limit to how much, and to how much any company can afford. Instead, leaders must find better ways to incorporate employee recognition strategies that look beyond money and help workers feel valued by their leaders and colleagues.
According to research by Zippia, 80% of employees would work harder if they were appreciated at work. The same study also states that the employee turnover rate dropped by 31% with a strong employee recognition program. These stats add weight to existing evidence that an effective system for providing employee recognition keeps them happy and satisfied.
What Is Employee Recognition?
Employee recognition is the process of acknowledging the contributions that your employees have made to the company’s success and goals. Contributions refer to different things:
- High performance
- Reaching KPIs
- Landing new deals
- Expanding existing contracts
- Sourcing new talent for hire
- Etc.
You can define what that contribution means to the organization and how much value you put into that contribution that would merit employee recognition.
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