Do you get any? Are you giving any? Most organizations agree that employees are their most valuable assets, but few organizations are committed to developing and recognizing their human capital.
In a short survey conducted by the National Association for Employee Recognition (NAER), the question was asked: To what extent do you agree or disagree with this statement? My direct supervisor or manager does a good job recognizing my accomplishments. 54% of respondents strongly in disagreement. And still in another question: How much do you agree or disagree that employee recognition helps improve employee morale?. 83% of respondents strongly agreedand 70% of respondents agreed that employee recognition helps reduce churn.
According to NAER research, the top three recognition challenges companies face are: (1) lack of funding for such programs; (2) lack of acceptance by managers; (3) is not considered strategic.
Why are recognition and feedback programs so important? Inherently, people want to do a good job. People need feedback for recognition and for improvement purposes. The primary way for people to improve at what they do is for their managers to provide honest and timely feedback on performance and work habits.
How do companies benefit? Proactive companies are investing in recognition as a tool to drive performance and behaviors, and they are seeing the bottom line. Employee and work climate surveys repeatedly reveal that people who receive regular feedback and praise increase their productivity, are more engaged in the business, and are more likely to stay with your organization. Recognition and praise play an important role in retention, productivity, trust, profitability, customer relationships, and recruiting. In short, all managers can use informal and immediate recognition to drive performance.
When should managers provide recognition and feedback? The most valuable feedback is delivered through the daily interactions between managers and their people and should be delivered when:
1. A team member faces a challenge.
2. Someone is moving toward a long-term goal.
3. Someone achieves a small victory.
Feedback is also delivered through scheduled sessions when performance is below standards or when unacceptable behavior and habits affect performance.
How can managers provide timely recognition and rewards? Managers can incorporate feedback into routine meetings, even if it’s as simple as starting meetings with success stories and taking the time to verbally thank each other. They can send comments via email, notes, voicemail, and posts like the employee newsletter. Ideally, managers should allocate a percentage of time each day to give their team members recognition, feedback, and rewards.