I found a great blog post entitled 25 Statistics on Employee Recognition from Globoforce.com. Take a look at it here. Here are a few interesting figures to keep in mind which they mention:
41% of companies that use peer-to-peer recognition have seen marked positive increases in customer satisfaction. (SHRM/Globoforce Employee Recognition Survey, 2012)
In these environments, [where opportunity and well-being are part of the culture) strong manager performance in recognizing employee performance increases engagement by almost 60%. (Towers Watson, Turbocharging Employee Engagement: The Power of Recognition From Managers, 2009)
Praise and commendation from managers was rated the top motivator for performance, beating out other noncash and financial incentives, by a majority of workers (67%) (McKinsey Motivating People, Getting Beyond Money, 2009)
In my work with leaders and their teams our attention often turns to this topic area of rewards and recognition. It is usually an area where "one size does not fit all". Several questions you will want to consider in this area are:
1. What does each team member value in terms of being rewarded? Is it time off, a promotion, being assigned a special project?
2. What does each team member value in being recognized? Is it public praise? An email acknowledgement? A gift card?
3. Consider what your team members are motivated by. This will help you consider appropriate rewards and recognition for each person.
4. Check out your assumptions around rewards and recognition - we are not always right!
5. What types of rewards and recognition are appropriate in our organizational culture?
Take a look at these other blog posts from the web which may be of interest to you:
Warren Tanner's post at the SoapboxHR blog on Engaging and Motivating Employees: Rewards Vs. Recognition. Read it here
Roy Saunderson's article on Top 10 Differences Between Rewards and Recognition. Read it here.
Have a great start to your week,