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Determining the Value and ROI of Employee Recognition
The document discusses the importance of employee recognition in reducing turnover rates and increasing engagement and productivity. Studies show that effective recognition programs lead to lower voluntary turnover and higher productivity, with employees feeling more motivated when appreciated. The piece outlines steps to measure the return on investment (ROI) of recognition programs, emphasizing the impact on business results and customer satisfaction.
Determining the Value and ROI of Employee Recognition
- 1. MEASURING THE VALUEAND ROI OF EMPLOYEE RECOGNITION
- 2. PREVIEW 1 2 3 4 5 INCREASE TURNOVER RATES INCREASEEMPLOYEE ENGAGEMENT INCREASE PRODUCTIVITY BENEFIT YOUR BOTTOM LINE DETERMINING ROI
- 3. The #1 reasonmost Americans leave their jobs is that they don’t feel appreciated. In fact, 65% of people surveyed said they got no recognition for good work last year. Gallup, Tom Rath and Donald Clifton, How Full Is Your Bucket? Positive Strategies for Work and Life, 2001
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- 5. Companies with recognitionprograms that are effective at improving employee engagement have 31% lower voluntary turnover. 31% Bersin by Deloitte, The State of Employee Recognition, 2012
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- 7. 69% of employeeswould work harder if they felt their efforts were better appreciated. 69% SocialCast
- 8. It’s Simple You dogreat work, you get recognized for it, you are motivated and incentivized to do more awesome work.
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- 10. When asked whatleaders could do more of to improve engagement, 58% of respondents replied “Give Recognition.” 58% Psychometrics, A Study of Employee Engagement in the Canadian Workplace 2010
- 11. EMPLOYEE RECOGNITION BENEFITS YOURBUSINESSES BOTTOM LINE
- 12. Research finds thatthose organizations with the most mature employee recognition approach are 12x more likely to have strong business results. 12x Bersin by Deloitte, The Employee Recognition Maturity Model, 2012
- 13. 41% of companiesthat use peer-to-peer recognition have seen marked positive increases in customer satisfaction. 41% SHRM/Globoforce Employee Recognition Survey, 2012
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- 16. 46% of SeniorManagers view recognition programs as an investment rather than an expense. WorldatWork, Trends in Employee Recognition, 2013
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- 18. With employee recognitionyou will save significant costs on turnover and with employees working harder and producing more quality work, your business will be performing better.
- 19. 1 Step DETERMINE WHAT YOU WANTTO MEASURE
- 20. ARE YOU TRYINGTO: Improve Morale Increase Productivity Reduce Customer Service Complaints Reduce Turnover Rates Improve Attendance
- 21. 2 Step IDENTIFY THOSE KEYMETRICS CURRENTLY IN YOUR COMPANY
- 22. See how you’recurrently doing in those aspects so you have something to measure improvement against. Tip Determine current levels of employee engage- ment and morale through employee surveys.
- 23. 3 Step DEFINE WHAT YOUWANT EMPLOYEES TO BE RECOGNIZED FOR AND COMMUNICATE THAT TO EMPLOYEES AND MANAGEMENT TEAMS
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- 25. Now that yourprogram has been implemented for some time, measure the results! Take those key metrics you decided on in step 1 and compare your results to the results before you started.
- 26. FOR MORE INFORMATIONON EMPLOYEE RECOGNITION VISIT: WWW.LEVYMARKETINGAWARDS.COM