Look at many of the world’s top performing companies, and you’ll see a commitment to people strategies. The question remains: Does strategic recognition deliver business results and directly impact the bottom line?
Third-party global research commissioned by the O.C. Tanner Institute, featuring quantitative and qualitative studies, proves frequent and effective employee recognition is highly correlated to increased engagement, productivity, innovation, trust, and tenure. Consider these findings:
- Performance recognition for great work significantly impacts employee engagement at a rate of more than two to one.
- The same research found employees who receive strong recognition are 33% more likely to be proactively innovating, generating 2x as many ideas per month compared to those who aren’t recognized well.
- Organizations that offer a career achievement program keep employees an average of two years longer than organizations that don’t. If the program is perceived to be effective, employees plan to stay at their current employer for an additional two years on top of that.