Why should you build a strong culture of peer recognition?

Peer and leadership recognition are great ways of building a great company culture, and it leads to improved employee engagement.

A small gesture like a pat on the back or a thank you note or saying thank you in team meetings can encourage employees. As an organization, you must build a culture of community-driven engagement.

In an Achievers study, it was revealed that organizations that recognize their employees and appreciate them regularly, improve their retention rate by 41%. on the contrary, not recognizing your employees and peers enough leads to higher turnover. According to Gallup, the number 1 source of employees leaving an organization is a lack of recognition for their work.

Humans are social creatures, and one of the most basic human needs is to feel valued and appreciated. People want to know that their contributions haven’t gone unnoticed and that the people around us appreciate our effort toward our shared goals. That’s why giving employees recognition is such an essential part of management. 

This will help you increase employee engagement, reduce employee turnover, and improve job satisfaction.

But are peers and managers giving recognition effectively? What can we learn from employee recognition statistics?

Employee Recognition Statistics

Statistics reveal that peer-to-peer recognition has a positive impact on financial results. In addition, it is likely to increase employee engagement. A survey finds that employee recognition increases employee satisfaction up to 90%.

Harvard study says that a little recognition can significantly improve employee morale. Appreciating your employees leads to a lower retention rate and increases your employee’s productivity. Another study says that when employees are recognized for their work, their performance is likely to increase.

For more interesting stats, see the infographic below:

Here’s an infographic created by Springworks on peer-to-peer recognition statistics, and we hope these stats will help you to build a recognition-first culture at your organization.

Peer to Peer Recognition Statistics

Recognizing your employees is a great way of keeping things going smoothly at work. Your employees always crave appreciation and it drives them to work even more hard for you. Secondly, recognition is a direct key to increasing motivation and productivity. So recognize often and build a healthy work environment!

This is a guest post by Springworks, a Santa Monica-based HR technology startup. They build intuitive products that simplify recruiting to help organizations engage and retain their employees.