As one of the top temp agencies in NJ, Spectrum Staffing has the unique opportunity to gain insight into both employer and employee perspectives. In terms of what makes employees satisfied, and thus more likely to be engaged, productive, and committed, there’s often a disconnect between what employers think employees want, and what they really do. Although compensation is certainly important, don’t discount what makes a major difference: employee recognition. Check out these employee recognition stats that are too good to avoid:
Most Workers Don’t Feel Recognized
Only one in three workers strongly agreed that they were recognized or complimented within the past week, according to a 2016 analysis from Gallup. The majority of employees across companies and industries are largely feeling like their efforts are not noticed or appreciated.
Employees Who Don’t Feel Valued Are More Likely To Quit – and Soon
Lack of recognition is a top contributor to turnover. The 2016 Gallup survey found that employees who responded that they work at places in which their effort is not recognized, ended up being twice as likely to say they plan to quit within a year.
Investing in Employee Recognition Pays Off
A 2012 Forbes analysis found there was a major difference in turnover rates when employers made recognition a top priority. There was a 31% lower rate of voluntary turnover among the top 20% of companies with “recognition-rich culture.”
Recognized Employees Go Above and Beyond
A 2016 Harvard Business Review study found that software company Symantec experienced a 14% increase in employee engagement scores after implementing an employee recognition initiative. Also, when airline JetBlue put an emphasis on employee recognition, they found their crew members were three times more likely to provide top notch customer service.
The Meaningfulness of Recognition Depends on the Source
Not all employee recognition is considered as equally meaningful to employees. According to Gallup’s 2016 workplace survey, most employees are most positively affected by recognition from their manager (28% of respondents), followed closely by a high-level executive or CEO (24% of respondents). Peer recognition ranked last at 9%. While it’s certainly nice to encourage peers to compliment each other, leadership needs to make it their priority.
Money Isn’t the Most Appreciated Method
Believe it or not, a monetary award isn’t the preferred method to recognize employees and show appreciation. There’s little to no cost, but a significant reward for focusing on employee recognition. According to Gallup in 2016, the top response for employees’ preferred recognition methods were: public recognition (such as an award at a ceremony), followed by private individual recognition, a positive evaluation/review, an increase in responsibilities, and then finally, monetary award.
Get top talent to join your team with the help of Spectrum Staffing, one of the most trusted temp agencies in NJ with more than 25 years of experience. We focus on collaborating with our clients to gain a thorough understanding of what they’re looking for in candidates so we can provide ones that are the best fit. Contact Spectrum today to learn more about our staffing and business services.