Employee Retention via the Power of Recognition
Although the concept of recognition is not a novel one, the degree of its value in the workplace is still being weighed and under debate. CNN’s Fortune noted yesterday that those still contesting the importance of employee recognition may be putting themselves in a dangerous space for losing the top 10% of their best workforce. As Gary Stern explains, in the early 2000′s people were just happy to have a paycheck. Those waiting nervously to see if they got through the next round of layoffs were certainly appreciative of their jobs. But as 2012 emerges, we are already seeing a change of attitude that the future is bright and this will be the year of change. “A December 2011 survey of 3,000 workers conducted by the employment agency Randstad revealed that 47% of employees plan to test the job market in 2012.” In addition, Stern explains that the “complacent employees often sit tight while the ambitious go-getters primed to move up consider new options.”
Employers in 2012 are re-prioritizing and employee satisfaction is back on the top of their list. This new attitude has sparked revisiting the debate on just how valuable recognition in the work place really is. The results from one of our infographics last month showed that non financial motivators have a bigger effect on employees with ‘stock or stock options’ receiving a 35% effectiveness rating as compared to ‘praise from a manager’ receiving a 67% rating.
“You can’t disregard money and bonuses, but it’s not the only driver in retention,” Elissa Tucker, an Iowa-based researcher for the non-profit American Productivity and Quality Center says. “Often, feeling valued and recognized is considered more valuable than raises on staff satisfaction polls.” And so, company leaders are turning to technology to offer solutions. Software such as Socialcast have built in features like “Thanks” which offers not only top to bottom recognition but peer to peer recognition as well. Next week on Thursday, Product Managers Alexi Robichaux and Jonathan Chang will demonstration how Socialcast uses Thanks and its impact on customers’ employees.