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Recognition awards can bring several benefits, both to individuals and organizations. The positive impacts can be measured in various ways, including increased productivity, morale, employee retention, and even overall business performance. Here are some statistics that highlight the importance and benefits of recognition awards:
1. Employee Motivation & Engagement
• According to Gallup, recognition is one of the top drivers of employee engagement. Engaged employees are more likely to be productive and committed to the organization.
• A study by Towers Watson found that organizations with a high level of employee recognition have 31% lower voluntary turnover than those with less recognition.
2. Increased Productivity
• 68% of employees reported they would work harder if they were better recognized
(source: Globoforce).
• A Bain & Company study shows that recognition programs linked to business goals have a significant impact on productivity, with 30-40% increases in output.
3. Employee Retention
• 55% of employees say they would leave their job for a company that offered better recognition
(source: O.C. Tanner).
• According to the National Business Research Institute (NBRI), employees who are recognized by their managers are 40% more likely to stay with their company.
4. Improved Job Satisfaction
• A survey by Gallup found that employees who receive regular recognition are 12 times more likely to feel satisfied with their job.
• 76% of employees said they would work harder if they were better recognized, according to a SurveyMonkey report.
5. Organizational Impact
• Recognition programs lead to a 14% improvement in employee performance
(source: SHRM).
• 71% of employees say recognition is one of the most effective ways to retain employees (source: Workhuman).
6. Financial Impact
• According to O.C. Tanner, organizations that have formal recognition programs have seen a 31% decrease in turnover costs.
• Recognized employees are also more likely to be aligned with company goals, leading to better performance and increased profitability. According to Gallup, businesses with engaged employees are 21% more profitable.
7. Creativity and Innovation
• Employees who feel recognized for their contributions are more likely to engage in creative problem-solving and innovation. This can lead to significant improvements in products or services.
• Recognition fosters an innovative culture in which employees feel safe to contribute new ideas.
Conclusion:
Recognition awards not only motivate employees but also provide tangible benefits such as improved productivity, job satisfaction, and employee retention. Companies that focus on recognition programs see better business outcomes, lower turnover, and higher employee engagement.
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