Recognition drives loyalty
When it comes to making people feel passionate about their work, it’s meaning and purpose, NOT money that drives most of us.
Winston Churchill once said, “We make a living by what we get, but we make a life out of what we give.”
Today’s employees today want to feel appreciated and valued in their role and share a sense of purpose.
74% of employees surveyed by Sodexo said that they would be more likely to stay in their current job if they were recognised for their contribution on a more regular basis, with men most likely to feel this way at 78%.
Nine out of ten employers agreed that recognising (and rewarding) employee contribution increases loyalty, and 89% believe it boosts engagement, so it is surprising that so few employers implement any sort of recognition program to boost engagement.
A successful recognition and reward program should motivate and encourage positive behaviour, whether tied to corporate values or other behaviours the employer is looking to replicate, and any program should be universal and scalable across the organisation.
The global pandemic has triggered a shift from 1st Stream Change to 2nd Stream Change where people are at the centre and the reason for the change. The Great Resignation is requiring companies to rethink how they engage their people in change and take them with them on the change journey as co change-makers.
People want more from organisational change projects. They expect their work experience and contribution to be augmented by change. This is being called The Great Awakening. At Brownie Points we call this the New World of Work.
Thought leading organisations around the world understand the value of passionate employees and what they bring to their business.
They appreciate the correlation between passionate and engaged employees, and brand value and corporate performance.
Motivated and engaged employees are proven to take fewer sick days, stay longer, are more productive and deliver greater customer/guest experience.
Global consulting organisations such as Gallup are predicting that post Covid we will see the years of “talent wars” as many employees (up to 50%) look to move on from their current role, having waited during the pandemic as a form of security.
Implementing a strategy around a Culture of Appreciation to aid talent retention and attraction is critical to businesses looking to become an employer of choice and compete in the war for talent.
There are many ways to recognise and reward your employees and the simplest and often most effective is the simple acknowledgement for a job well done. A “pat on the back” can go a long way, but a recognition program that promotes positive behaviour in real time across the organisation can deliver significant benefits over purely verbal or paper based recognition programs.
Instilling a culture that promotes gratitude and appreciation lets employees know they are doing well and is likely to motivate them to contribute discretionary effort.
Employees are your major competitive advantage and making them feel valued and appreciated will go a long way to protect and grow loyalty in your employees.
If you don’t look after your employees your competitors will.