When done right, employee recognition programs can increase job satisfaction and engagement, and positively impact employee retention. However, when organizations build programs without understanding the impact of those programs, the efforts may not pay off. That’s why we’ve asked the questions in our latest eBook – The 2024 Recognition Survey Report. The survey is an extension of our 2024 Job Seeker Survey Report and digs into the recognition experience to reveal employee engagement, performance and retention insights that can enhance your organization’s recognition strategies and programs.
The Business Case for Recognition
Industry research has documented the positive business impacts of employee recognition. To help support the research, our data found that when it comes to performance recognition and service/milestone awards, more than 40% of respondents said their employer didn’t offer or were unaware that these types of programs existed at their company.
Recognition Preferences
Not only is receiving recognition necessary, but employees’ preferences are equally valuable. We asked participants what types of recognition are most important and how often they wish to be recognized. The results show that more than a third of respondents want to be recognized by immediate supervisors and want to be recognized once a month.
Recognition Satisfaction
The employee recognition industry, which began in the late nineteenth century, has evolved significantly over the past two decades following the advent of cloud-based technology. Employees are generally more satisfied with recognition received from their current employer over that of their last employer. However, there is still much room for improvement.
The Impact of Recognition on Recruiting and Retention
With more than a third of employees either unsatisfied or unsure about their satisfaction with the recognition they receive at work, integrating employee recognition into recruitment and retention programs represents a significant opportunity for competitive differentiation.
The Impact of Onboarding Experiences
Onboarding experiences profoundly influence early retention rates. They provide an opportunity for employees to evaluate and assess the culture of their new employer. Successful onboarding programs include proactive feedback mechanisms and recognition for individual accomplishments to improve early retention.
This is just a glimpse into what employees really think about recognition. To see the stats and takeaways from our Trendicators Advisory Board (who helped shape this report) DOWNLOAD The 2024 Recognition Survey Report!
