Gallup meta-analysis results suggest that when companies select the top 20% most talented candidates for a role, they frequently realize a 10% increase in productivity, a 20% increase in sales, a 30% increase in profitability, a 10% decrease in turnover and a 25% decrease in unscheduled absences.
Gallup has found that the most highly engaged business units are 21% more productive, experience 48% fewer safety incidents, are 22% more profitable, have 10% better customer ratings and experience 37% less absenteeism. Business leaders agree: according to a Harvard Business Review study, 71% of respondents rank employee engagement as very important to achieving overall organizational success and recognition happens to be the #1 driver of employee engagement.
The COVID-19 pandemic has brought well-being to the forefront as employers are more aware than ever of the impact of mental health on employees and, by association, the workplace. By late March, 68% of organizations had introduced at least one new wellness benefit to aid employees during the pandemic.
In fact, during periods of disruption, employees’ desire for being recognized for their contribution increases by about 30%,” says Brian Kropp, Distinguished Vice President, Research, Gartner. Effective recognition not only motivates the recipient, but serves as a strong signal to other employees of behaviors they should emulate, reinforcing a sense of belonging - further developing a culture of trust, recognition, and shared goals. Here are five no-fail elevator pitches to make a business case for employee recognition:
Why should we consider an employee recognition program?