More than half of employees surveyed say adequate recognition can outweigh their concerns arising from layoffs, increased workload, and stagnant salary.
More than half of employees surveyed say adequate recognition can outweigh their concerns arising from layoffs, increased workload, and stagnant salary, in the 2023 State of Recognition Report from Achievers Workforce Institute (AWI).
The survey included 4,900 respondents from Australia, Canada, Singapore, UK, and USA , and included 1,400 HR leaders.
In addition to acting as an insulating factor, increasing the frequency of employee recognition from quarterly to monthly could potentially increase the likelihood of high engagement and productivity at work by 40% and high job commitment by 25%.
The good news is that recognition doesn't just have to come in the form of cash - the research indicates that social (non-monetary) recognition is just as impactful as monetary recognition for driving productivity, engagement, and job commitment.
However, social-only programmes with no monetary component are less effective at creating a culture of recognition. Employees who say their company’s recognition platform has no points component are significantly less likely to say they are regularly recognised or that they feel recognised.
Achievers Chief Customer Officer Matt Tremmaglia commented: "A culture of recognition doesn’t happen on its own, it requires effort to get momentum."
Meanwhile, recognition equity must also remain a focus. More than eight in ten HR leaders (84%) say diversity, equity, and inclusion (DEI) is a high priority for their organisation.
Unfortunately, women are 28% less likely to receive at least monthly monetary recognition. Women are also 39% more likely than men to say they never get monetary recognition. The findings indicate that employers hoping to engage and retain women at work must consider whether this group is undervalued.
"Ad hoc programmes are especially vulnerable to these kinds of unconscious biases because it’s difficult, sometimes impossible, to know what proportion of employees are being recognised and which groups may be missing out," Tremmaglia highlighted.
Among the HR leaders surveyed, most (77%) expressed concerns about an incoming recession, while two in three (66%) said the labour shortage is getting worse. In light of a possible economic downturn, productivity and retention will remain top priorities for HR leaders.
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