Plenty of blogs and news sites have recently floated the idea that employers should start showing employees more appreciation and recognition. Employees want recognition and appreciation, but do these things actually improve the bottom line?
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Check out these stats to learn why employee recognition could be just the thing your company needs:
1. 58 Percent of Employees Think Leaders Can Improve Engagement by Giving More Recognition (Source)
When more than half your staff wants the same thing, you listen. Start by thanking or giving a shout out to a different member of your team every day!
2. 53 Percent of Employees Say Their Workplace Relationships Would Improve If They Were Strongly Recognized (Source)
When it comes to working with a team of people whom you see just as much as your family, creating good relationships is important. Start by carving out time during weekly meetings to thank employees for their work.
3. 69 Percent of Employees Say They Would Work Harder If They Were More Appreciated (Source)
Who knew showing a little appreciation would be the key to boosting employee performance?
When thanking employees, make it clear that you recognize their efforts keep the lights on and make the wheels turn. Include company wins in emails, newsletters, and more. Have managers translate each win for their department. Worried about meeting resistance from managers? Tell them they could be getting more work out of employees if they gave it a try!
4. Only 14 Percent of Organizations Give Managers the Tools They Need for Effective Employee Recognition (Source)
Lack of engagement and recognition may not be your fault. As a manager, you want to do what's best for your team and your clients. It's frustrating to know that a key weakness might result from factors beyond your control.
What can you do? You can start by showing your higher-ups this post! The best way to convince execs that you need certain resources is to offer evidence of those resources' ROI.
5. Voluntary Turnover Is 31 Percent Lower at Organizations With Highly Effective Recognition Programs (Source)
Every manager has to deal with turnover, but showing some recognition can go a long way toward minimizing the amount of turnover in your department. If you're struggling with retention, implementing an effective recognition program can make a noticeable difference.
6. 41 Percent of Companies With Peer-to-Peer Recognition Programs Have Seen Increases in Customer Satisfaction (Source)
Encourage your staff to send recognition emails to their peers whom they feel deserve it. You might miss the fact that Suzie helped calm an angry client, but her colleague across the aisle can give her the recognition she deserves.
7. 14 Percent of Companies Promote Their Recognition Programs When Recruiting New Talent (Source)
Forty-two percent of candidates want to know about a company's values before joining. Why hide your recognition programs from them? Let candidates know that you actively work to make appreciation a regular facet of corporate life. Doing so is sure to bring qualified candidates to your door.
8. Engaged Millennials Are 64 Percent Less Likely to Say They Will Switch Jobs If the Market Improves (Source)
Millennials are the largest generation in the workforce, so it makes sense to cater to their needs. Being engaged is one of millennials' main wants at work, and recognition and appreciation can help drive that engagement. If you're having trouble keeping new millennial hires around, implement a recognition program!
9. 87 Percent of Recognition Programs Focus on Job Tenure (Source)
It can be a little tough figuring out where to start with a recognition program. What should you be recognizing employees for?
One common form of recognition is recognition of an employee's tenure. It's not necessarily the most effective way to recognize employees, but it should help keep turnover down. Show employees you're happy they chose to stick with you, and they'll be more likely to keep coming back to work every day.
10. 28 Percent of the Employees Report That Their Managers Gave Them the Most Meaningful and Memorable Recognition (Source)
Feedback matters, and so does the person giving it. If you manage direct reports, the most important feedback is going to come directly from you. Make sure you're recognizing your team members every chance you get!
A version of this article originally appeared on the iRevü blog.
Michael Heller is the CEO and founder of iRevü.