How Much Are
Mark Keeton, Vice President
Engaged: Always on time or early! Excited to come to work! Eager to share new ideas!
Disengaged: Perpetually late. Unhappy. Does the bare minimum to get by. Shoots down every new idea because “we tried that before and it didn’t work.”
Those disengaged employees are costing you time, money and effectiveness. Gallup says that:
- Only 1 in 3 U.S. workers agree that they received recognition or praise for doing good work in the past seven days.
- Employees who do not feel adequately recognized are twice as likely to say they’ll quit in the next year. Multiply that by the cost of recruiting, training and retaining new employees and the costs skyrocket quickly.
- Contrast that with how an engaged workforce performs. According to a Towers Watson 2012 Global Workforce Study, companies with an engaged workforce experience:
> 6.5 fewer days absent
> 41 percent lower retention risk
> 3x higher operating margins
Rewards and recognition fuel employee engagement
Engaged employees feel appreciated and are motivated to perform at higher levels. They also feel loyalty to their company and are less likely to jump ship when other offers come around. Recognizing outstanding employees also lets the entire workforce know the kind of work and attitude required to succeed.
According to Gallup, the most effective recognition is honest, authentic and considers employees preferences about how they want to be acknowledged. Cash often gets lost in the shuffle and ends up going towards next week’s grocery or utility bill. Research has shown that participants feel more recognized with tangible, non-cash rewards.
- Thank you notes from a company leader
- Public recognition or acknowledgement
- Private recognition from a boss, peer or customer
- Receiving high-level reviews
- Promotions or additional responsibilities/leadership
- Non-cash incentives including trips or prizes