Roughly seven in 10 organizations use employee recognition to support corporate culture, according to a survey by Society for Human Resource Management (SHRM) and recognition software provider Globoforce.
The study surveyed 815 HR administration professionals at the managerial level or higher and 82 percent of respondents said employee recognition programs positively impact worker engagement. More than half said these programs help retain talent, and many believe they increase employee investment in company goals.
"Highly engaged employees can boost a company's profitability," said Eric Mosley, Globoforce CEO. "When organizations invest one percent or more of payroll into recognition programs, they experience a positive impact on both employee engagement and financial results."
Eighteen percent of companies still do not have a worker valuation program and 75 percent of respondents said employees are not satisfied with the amount of recognition they receive for work well done.
SHRM vice president of research Eric Schmit said employee recognition strategies should allow employees and their supervisors to report successes throughout the year. Employers and manager should be able to spot and evaluate individual performance to better reward good work habits.
