An infographic from Salesforce found that employees are motivated by much more than money. Despite the fear of the unstable economy, employees who don’t feel satisfied are not afraid to abandon their current employer for the opportunity to work for a company who places greater value on recognition and engagement.
Recognition
“82% of employees who receive valuable and timely recognition actually feel more motivated at work”- Globoforce
It is well known that employee recognition is a key motivator and vital to the success of an organization, and while employers may think that monetary recognition is what employees’ desire, 8 out of 10 times it is not. Employees around the world are more motivated by opportunities from their employer to develop and apply their skills and talent, yet less than half of employees indicate that they receive this non-monetary recognition.
More companies are recognizing employees need for recognition and see it as a way to engage their workforce and grow their culture. A survey by Globoforce in 2012 found that 65% of companies now offer formal recognition programs compared to 51 percent in 2011. With this exponential trend, unsatisfied employees see the opportunity to leave their current job for a company which promises greater recognition. Just over half of employees indicate that they are not satisfied with the level of recognition they receive, and 49% admit that they would leave their current job for a company that successfully implements recognition programs.
Engagement
“Across the board, recognition maps directly to feelings of being appreciated, job satisfaction, and whether or not employees love their jobs. That engagement pays dividends.”- Globoforce
Recognition drives employee engagement, which is identified as another motivator greater than money. Yet, 72% of the current workforce considers themselves to be disengaged, essentially sleepwalking through their workday. When employees are not engaged at work, productivity often decreases which has a direct negative impact on the bottom line, and contributes to $370 billion in productivity lost in the United States on an annual basis.
According to a 2012 study by Gallup, companies who successfully engage employees experience a 37% decrease in absenteeism, a 65% decrease in turnover, 48% fewer safety incidents, a 21% increase in productivity and a 22% increase in profitability. In addition, 78% of engaged employees would recommend their companies products and services, and 70% feel they clearly understand how to meet their customers’ needs. It goes without saying, that creating a culture of engagement is likely to have a positive impact on the bottom line and may even contribute to a long term competitive advantage.
Implementation
To address the need for recognition and engagement, consider the following aspects of your company:
Culture: Employees value a strong and positive company culture. This provides employers with the opportunity to establish a culture of engagement that is unique to the company and aligns with the needs and values of their employees.
Leadership: Frequent communication with employees allows management to give employees timely and relevant recognition and also establishes relationships to enhance engagement.
Training: Rather than relying on monetary recognition, provide employees with the opportunity to enhance their skills though formal training, mentoring and coaching that aligns with their needs and the company’s goals.
Sources:
- Developing and Sustaining Employee Engagement
- Engagement at Work: Its Effect on Performance Continues Through Tough Economic Times
- The Costs of Ignoring Employee Engagement