Recognition of work done is a source of motivation for every human being leave alone employees. For an entrepreneur recognition of work done is the yearly profits, business growth, growth of network and maybe some occasional felicitation by an external agency or organization. Recognition for an employee might be monthly incentives or some kind of awards like employee of the month or employee of the quarter or the best salesman of the quarter.
Here are some eye opening statistics about recognition at work place
- Nearly 25% employees are not given constructive feedback throughout the year
- Giving regular recognition results in 15% increase in employee engagement and 2% increase in operating margin in just one year
- 90% employees said recognition motivates them to do a better job
- Nearly half of UK employees prefer more frequent recognition than a yearly bonus
- 37% don’t think they get enough recognition
- 64% of workers would leave their job to work for a company that clearly recognized contributions.
Appreciation is a fundamental human need
Half-hearted recognition is worse than no recognition at all
Cost of Recognition = 0 Rs
