10 insane stats about employee reward and recognition

When’s the last time you were thanked for a job well done? Chances are it wasn’t as recent as you might like. We all like to be recognised at work for the effort we put in and the results we get, but it can be easy to underestimate just how important reward and recognition are to not just employees, but the effective management of any business too. The benefits are limitless. That’s why we’ve put together this bumper list of statistics to show just how vital it really is.

Employee turnover drops by 31% when staff feel recognised

A recent study by Deloitte found that recognition in the workplace has an incredible impact on employee turnover. Companies which offer high rates of recognition have a far lower rate of voluntary turnover than those which fail to recognise the work of their team. That means they’re able to hold on to the best talent and avoid the extra work and cost associated with onboarding new colleagues too.

Over 65% of employees don’t feel recognised at work

That means there are improvements to be made. Everyone deserves to feel valued in their workplace and a recent report from the WorkHuman Institute suggests that recognition can help to give your employees purpose too. Those who are thanked are 29% more likely to feel their role has meaning and so are more likely to work hard towards organisational goals.

28% of the most memorable recognition comes from managers

Recognition which comes from people who know you and your work is the most valuable, so it’s important to implement the right systems at every level. Plus, recognition from those around you can increase job satisfaction – 90% of workers note that values-based, peer-to-peer recognition has just that effect.

Engaged employees are 17% more productive

Rewarding your workforce is a sure route to increased productivity across the board. Without feeling valued in the workplace and vital to the company’s success – something which is easily achieved with simple forms of recognition – it’s easy to lose motivation and let efficiency slip. So make sure you’re saying thank you when you want goals to be met!

75% of employees who receive monthly recognition are satisfied

Job satisfaction is vital to both retention and productivity, so reward and recognition plays a role beyond making your employees feel good. How should you reward your staff? We have a few ideas right here, but even an informal thank you can have a positive effect. The important thing is that you thank them regularly.

87% of organisations rely on long service awards

Yes, we should reward people for long service. Five, 10 or even 20 years at one company is definitely something to be celebrated! But focusing recognition and rewards on tenure and nothing else leaves some feeling left out and sets goals which stretch quite a way into the future for most. Instead, keep to your business’ core values and offer rewards whenever they’re met – 90% of employees who experience this type of recognition feel engaged.

69% of employees would work harder if they felt their efforts were better appreciated

The top reasons, according to research by Reward Gateway, for employees feeling demotivated are: feeling invisible or undervalued (43%), having a bad manager (43%) and lack of recognition (40%). All suggest that a strong and consistent programme of reward and recognition would prevent employees feeling disengaged and lead to your workforce giving their all for your business.

Engaged organisations have 21% higher profitability than their peers

When they’re thanked, people work harder and make it their mission to meet and exceed their company’s goals, so this should come as no surprise. 90% of HR workers agree that an effective recognition and reward programme helps drive business results. Don't believe it? Check out this blog on how reward and recognition can help boost sales.

Promotion boosts retention rates to 70%

When LinkedIn surveyed 32 million employees, they found a direct link between promotion and retention. As one of the main ways employees can be rewarded at work, promotion is an incredibly valuable tool for recognising achievements and ensuring long service – without promotion, only 45% of employees would stay in a role after three years.

Most wait 50 days at a time to be recognised at work 

There is absolutely no question about it, that’s far too long. So, what’s the magic number? According to Gallup, we should recognising employees’ achievements every seven days to make sure they feel valued and stay motivated to achieve.

Check out our in depth report on The changing face of reward.

Thinking of implementing a new reward and recognition programme? Our team are here to help and have plenty of experience in making anything possible. Or, if you’re not sure where to start, our Research & Insights team are on hand to create a strategic insights dossier (SID) which will help you discover key areas where your business could benefit from change. Get in touch HERE.