Studies released by the Business Research Lab show that employee recognition programs are what fuel high employee satisfaction in the workplace. In fact, not a single successful firm has high employee satisfaction with low recognition—proof that recognition is key to high morale in the workplace.
Higher compensation has been the usual go-to for most companies in the past. However, Forbes recently published an article that monetary incentive programs are becoming less important to employees, not only in the U.S., but around the globe. They go on to state that especially in this economy, affording bonuses, pay raises, etc. is becoming more difficult for companies to do. So what can managers and business owners do to recognize employees?
The first thing on everyone’s list is an award, but why? An award can be displayed to not only customers and clients, but to other employees. Co-workers will strive to have a plaque on the wall praising their success.
Recognition is not only good for business, but for building a strong company.
Works Cited
Bersin, Josh. “New Research Unlocks the Secret of Employee Recognition.” Forbes. Forbes Magazine, 13 June 2012. Web. 26 June 2012. <http://www.forbes.com/sites/joshbersin/2012/06/13/new-research-unlocks-the-secret-of-employee-recognition/>.
“Business Research Lab :: Employee Recognition Programs.” Business Research Lab :: Employee Recognition Programs. N.p., n.d. Web. 26 June 2012. <http://www.busreslab.com/index.php/articles-and-stories/work-policies/good-policies/employee-recognition-programs/>.