The impact of employee recognition programs is vast. Implementing a way for employees to show appreciation and recognition for each other's work affects overall morale and helps with retention and happiness. Happy employees are less likely to look elsewhere for a position so investing in recognizing them for a job well done is highly important.
A whopping 69% of employees say they would work harder if they were better appreciated at work. The cost of hiring new people and training them if that 69% don't perform well or leave is enormous.
An organization can only be as successful as engaged its employees are. Focusing on creating a successful employee recognition program will help improve employee engagement.
Successful employee recognition programs help employees feel valued and recognized by their peers and management. It helps employees feel like there is a reason to work hard, and it won't go unnoticed.
A recognition program also allows employees who are not as vocal about their achievements to get shoutouts and rewards from their peers. It increases overall transparency and removes the top-down recognition mentality within the organization.