When employees feel appreciated…
- 82% of employees are happier when recognized at work.
- Engaged employees are 87% less likely to leave their role and are 21% more profitable to the business.
- 41% of companies with peer-to-peer recognition schemes see an increase in customer satisfaction.
The numbers show these facts.
The simple act of acknowledging achievement is a major boost for employee morale and performance. And that’s why employee recognition is so critical. Recognition is a powerful tool for improving the bottom line. It increases productivity, engagement, customer satisfaction, and retention.
A healthy and functional system of employee recognition and rewards has become a necessity for every successful business no matter its success, size, level of goals.
According to the Society for Human Resource Management, 79% of employees work harder due to recognition in the workplace.
Employees that feel appreciated can significantly improve the workplace environment. It boosts morale, leads to fewer accidents, and motivates employees to work harder.
Harvard Business Publication says that the key to happy customers is happy employees. As a result, employee recognition can improve customer satisfaction. Customer satisfaction is the backbone of a business, and taking care of your employees can help achieve that.
Some of the main differences between rewards and recognition can be summarised as the following:
What are Employee Rewards?
- Tangible and of a specific amount
- Transferable and can be passed off from one person to another
- Conditional and based on certain terms
What is Employee Recognition?
- Invisible in nature, yet priceless in value
- Non-transferrable and quite permanent
- Unconditional and not part of a fixed result