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The Business Bonuses of Gratitude
It’s more than a feeling.
Employee recognition and appreciation are major drivers of overall job satisfaction, motivation, and productivity. How do we know? Let’s start with some numbers; and then we’ll dive in to why companies need more of it.
53% of employees said they would stay at their jobs longer if their employers showed them more appreciation.
Source: OC Tanner
In a McKinsey survey on motivation, here’s what really works according to employees:
- 67% are motivated by manager praise
- 63% are motivated by attention from leaders
- 62% are motivated by opportunities to lead
- 60% are motivated by cash bonuses
- 52% are motivated by pay increases
- 35% are motivated by stock options
Source: McKinsey
It’s who you are as an employer.
Well-executed recognition programs create a high performance culture. Employees are more motivated and productive because they know high performance has good consequences. Their efforts are seen, acknowledged, celebrated and rewarded; and it happens consistently.
Another benefit? Recognition is fun. If you want to foster a positive work environment, rewards programs and seasonal gifts are worth the energy. Both are culture strategies where you’re thanking your team beyond payroll compensation. It’s an “extra” that generates buzz and sparks discussion. Suddenly you’ve got team members actively chatting about an awesome aspect of your culture. It’s a natural way to create a sense of belonging and inclusion, and it’s exactly the kind of conversation you want teams and peers to have, whether they work onsite or remote.
And it’s a customer strategy.
Better employee experiences result in better customer experiences, and there’s plenty of data that supports the correlation. OC Tanner reported that employees who feel a sense of belonging in the workplace are 5.3x more likely to feel empowered to do their best work. And the Josh Bersin company recently found that companies who are leveraging the right EX strategies, including appreciation, recognition and rewards, are seeing real business outcomes. They’re 2.2x more likely to reach financial targets, and 2.4x more likely to delight customers.
How to Design an Awesome
Employee Recognition Program
Begin with Objectives and Goals.
Why do you have a recognition program; or why do you want to start one? Identify the goals that matter to your company. Are you trying to improve retention? Are you giving your culture an energy boost? Are you trying to improve motivation and productivity?
It’s tempting to say yes to all of the above, but when you begin with primary strategic objectives, it’s easier to decide program specifications so that you can design a system of recognition moments and appropriate rewards.
For example, if your goal is to improve customer satisfaction, you might reward employees who consistently receive positive customer feedback scores for a designated timeframe. And, corporate managers would coach and reward innovation teams who effectively implement customer experience strategies. Get specific!
Listen, because you care.
Whether you’re designing a new recognition program from the ground up or managing an existing one, get insight from a cross-section of employees. Tools like MoodTracker from Workhuman allow organizations to gauge employees’ feelings, understand their workforce better, and implement the right strategies to improve culture and employee engagement.
Make it universal.
There are so many opportunities to recognize and reward employees. Think beyond length-of-service awards, employee of the month, and year-end celebrations. Everyday recognition (such as peer-to-peer, which is meant for everyone) has the biggest overall impact. In its simplest form, this might be a digital thank you note sent via email, or a shout out on the team’s slack channel. Your program should also handle informal recognition (such as manager-to-team), and formal recognition (employer-to-employees.) Build in the ability to recognize individuals and groups, privately and publicly. Think flexible and scalable.
Handle the complexity with technology.
Cloud-based performance recognition platforms like OC Tanner and WorkHuman offer an instant technology infrastructure for your program; and they can be customized to meet the needs of your enterprise or small-to-medium business. If your leadership team needs convincing on the technology spend, focus on the benefits. Technology platforms ensure consistency and fairness; they help to remove bias and promote inclusion in your organization; they offer tracking and data-insights; and they’re easy to scale.
Make it meaningful.
Never underestimate the importance of the human touch whenever you’re expressing gratitude or appreciation, especially if you’re managing everything with technology. Remember — recognition is behavioral feedback and reinforcement. For continuous improvement and high performance, the “why” is important. When employees understand why and how they’re helping the company achieve strategic goals, there’s a greater sense of accomplishment and commitment going forward. Give specific, personal feedback frequently to individuals and groups.
Reward Ideas for Remote Teams
If you’re team is hybrid or remote, it’s probably more challenging than ever to round everyone up for a celebratory lunch. Here are some alternative ways to thank employees, with more flexibility, and less calories:
Events and Experiences
Give remote workers a break from their home-office with tickets to live events. Sites like TicketMaster and Broadway.com sell gift cards in bulk. Employees are able to select from live entertainment and sporting events at a location and time they prefer.
Personal Growth
Encourage team members to nurture their personal passions and promote work-life balance with Masterclass. Employees can choose from hundreds of courses with celebrity instructors - think songwriting with Mariah Carey, writing with Judy Blume, and see a softer side of Gordon Ramsey when he teaches cooking. Masterclass At Work lets you keep the focus on business. Teams can take professional development classes with today’s brightest thought leaders.
Tons of Choice
Knest makes one-to-many gifting easy and personalized. Create an account, select one or more gifts at the price point you prefer, customize your Knest page, and then invite team members, clients, or anyone who you’re gifting. Recipients select the gift they prefer then enter their shipping info, in a simple interactive process.
References:
The Definitive Guide: Employee Experience | The Josh Bersin Company
https://www.workhuman.com
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