Make recognition count: Here’s how

July 24, 2012
Make recognition count: Here’s how

Studies have shown that many of the fastest growing and most successful companies are those with well-established and highly structured recognition programs. What’s more, these companies have lower voluntary turnover rate, which always translates to better performance.

By carefully tracking the achievements of their employees, such companies effectively encourage and inspired performance and growth. By demonstrating the value of moving the company forward, recognition and rewards programs align the actions, goals and activities of the individual with the priorities of the organization.

To deliver a program with real impact, recent research from Bersin & Associates, an online HR research firm, found that recognition from the boss or managers wasn’t as effective as “social” or peer-based pats on the back. Creating a program that delivers kudos from team members works well to drive performance and healthy competition from today’s workers—especially from Gen X and Gen Y. Those surveyed remarked that the acknowledgement from their peers was more meaningful because they really see what’s happening on the ground level.

That’s not to say that compensation, gift or rewards from leaders don’t matter. Employees still need to know that the people in the corner offices recognize their value as well. Managers and CEOs are in the best position to recognize good work in front of a large group, and personal wishes of gratitude and conversations have the most impact when they come from someone in a position of power.

Consider these evolutions in HR and recognition, and remember to regularly reward performance, and you’ll be sure to inspire the loyalty and engagement you want to see.

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