Organizations have finally started understanding the power of recognition to retain employees in the fast-paced corporate world. Gone are the days when monetary rewards sufficed to retain employees. The new-age employees seek acknowledgement and appreciation for their dedication and hard work.<\/p>\r\n\r\n\r\n\r\n
Recent studies suggest that non-financial incentives are equally valuable as monetary rewards. There is not just one but multiple ways to recognize good work done by the employee. Studies indicate that more than 20% of employees root for promotion than salary hikes. Given a choice between a higher position and a 3% hike, 1 in 5 employees chooses a rise over a raise in salary. This indicates that career advancement and personal growth are major motivators for new-age employees.<\/p>\r\n\r\n\r\n\r\n
The study further explored that company-wide recognition also stimulates the employees to bring their A-game to work. For example, given a choice, 33% of the employees would choose company-wide email acknowledging their work rather than having a hidden $500 bonus. And why not? Public acknowledgement and appreciation are crucial in creating a strong sense of belonging and pride.<\/p>\r\n\r\n\r\n\r\n
The study peeped into human psychology further and found that men sought public recognition more than women. 36% of males said they would opt for company-wide recognition over monetary reward. On the contrary, 24% of women asserted the same, while 76% were happy with financial gain. This also highlights that there is no one-size-fits-all recognition program for employees. It needs to be tailored to the workforce’s requirements and aspirations.<\/p>\r\n\r\n\r\n\r\n
Employees find their jobs satisfactory when they receive frequent positive recognition from their supervisors. The study reveals that a staggering 94 percent of satisfied employees are those who receive frequent credit. On the contrary, those who hardly receive appreciation or recognition for work are highly dissatisfied. This establishes a direct correlation between recognition, employee happiness, and engagement.<\/p>\r\n\r\n\r\n\r\n
You would also be surprised to know that companies with recognition programs have employee satisfaction rates as high as 83% compared to organizations without recognition programs. The stark contrast underscores the importance of reward and recognition in maintaining employee loyalty.<\/p>\r\n\r\n\r\n\r\n
Another finding that forces organizations to think beyond monetary rewards is that employees also value extra vacation days, gift cards and brand-name products. You would also be surprised to know that symbolic accolades such as trophies and medals come last.<\/p>\r\n\r\n\r\n\r\n
It is now apparent that companies need to think beyond paycheque to create an ecosystem where employees feel rewarded and satisfied. As the saying goes, “A happy employee is a productive employee”. So, it is time for organizations to change their stance and incorporate rewards and recognition as a strong part of organizational culture.<\/p>\r\n","protected":false},"excerpt":{"rendered":"
Organizations have finally started understanding the power of recognition to retain employees in the fast-paced corporate world. Gone are the days when monetary rewards sufficed to retain employees. The new-age employees seek acknowledgement and appreciation for their dedication and hard work. Recent studies suggest that non-financial incentives are equally valuable as monetary rewards. There is<\/p>\n","protected":false},"author":2,"featured_media":2946,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[26],"tags":[],"class_list":["post-1012","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hr-coaching"],"_links":{"self":[{"href":"https:\/\/workdemo.eliteinfoworld.com\/huminivex_2024\/wp-json\/wp\/v2\/posts\/1012","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/workdemo.eliteinfoworld.com\/huminivex_2024\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/workdemo.eliteinfoworld.com\/huminivex_2024\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/workdemo.eliteinfoworld.com\/huminivex_2024\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/workdemo.eliteinfoworld.com\/huminivex_2024\/wp-json\/wp\/v2\/comments?post=1012"}],"version-history":[{"count":1,"href":"https:\/\/workdemo.eliteinfoworld.com\/huminivex_2024\/wp-json\/wp\/v2\/posts\/1012\/revisions"}],"predecessor-version":[{"id":2959,"href":"https:\/\/workdemo.eliteinfoworld.com\/huminivex_2024\/wp-json\/wp\/v2\/posts\/1012\/revisions\/2959"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/workdemo.eliteinfoworld.com\/huminivex_2024\/wp-json\/wp\/v2\/media\/2946"}],"wp:attachment":[{"href":"https:\/\/workdemo.eliteinfoworld.com\/huminivex_2024\/wp-json\/wp\/v2\/media?parent=1012"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/workdemo.eliteinfoworld.com\/huminivex_2024\/wp-json\/wp\/v2\/categories?post=1012"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/workdemo.eliteinfoworld.com\/huminivex_2024\/wp-json\/wp\/v2\/tags?post=1012"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}