You know a quality employee recognition program will do wonders for your company.
But how do you get leadership on board; especially if they’re looking closely at ROI? It's not always easy to show the connection between positive company culture and a boost in a company's bottom line.
Share these eight stats on the numerous benefits and immense value that an employee recognition program can provide.
Let's dive in.
According to Job SeekerNation, a big portion of your team is either actively looking for anew job, or at least open to the idea of working for a new employer. That is bound to include some heavy hitters within your organization. Good leaders want to do everything possible to keep their valuable team members on board–starting with introducing an employee recognition program.
Replacing employees isn't cheap.
The costs of advertising for open roles, screening resumes, interviewing candidates, and training new team members really add up. And we haven't even factored in the loss of productivity and employee morale your company will experience when an employee decides to move on.
According to PeopleKeep, it can cost 16% of annual salary to replace low-wage workers and 213% of annual salary to replace highly-educated executives. This translates to anywhere from $3,328 to $213,000 dollars on average.
A proper employee recognition program that boosts team engagement won't just help you save money — it will make you more of it.
According to a Harvard Business Review study, companies that are committed to providing top-notch employee experiences rather than simple perks were able to increase annual profits by an average of 400%.
Many of the participating companies who achieved these amazing results were 25% smaller than those who didn't. This leads us to believe that when employees engage with recognition programs, they are more productive and innovative.
The Wall Street Journal says that when employees are happy and enjoy their work, they are much less likely to call in sick. Additionally, Happy employees stay with your company twice as long and focus for twice as much of their on-the-clock hours.
Simply recognition can make anyone’s day. Introduce an employee recognition program to your employees and bring a smile to their faces.
According to Gallup, when compared with business units in the bottom quartile of engagement, those in the top quartile see:
Nobody wants their employees to suffer an injury. On less personal terms, maintaining a stellar safety record is crucial to the success of your company. Organizations that don't maintain safe working environments are subject to bad press, low employee morale, and the extra expenses caused by on-the-job injuries.
Take a practical step toward reducing harmful accidents by prioritizing employee engagement.
Companies with engaged employees are, on average, 17% more productive than companies with disengaged employees.
Imagine how many more projects you can complete with better engagement.
Recognition programs improve engagement; engaged employees are more productive; productivity is directly related to greater job satisfaction and revenue.
So, are you still doubting the benefits of a recognition program?
If your leadership is still not convinced, consider this: recognizing employees can increase sales up to 20% according to Gallup.
Engaged employees close more deals because they're willing to work harder, and they care more about the customers they serve — leading to repeat business.
Productivity and employee satisfaction has extraordinary impacts on your company’s bottom line.
A proper recognition program successfully engages employees and increases profitability by 21%.
A proper employee recognition program boosts productivity levels, team morale, and profit. In every aspect, employee recognition programs serve your company’s best interest.
Kudos is an employee engagement, culture, and analytics platform, that harnesses the power of peer-to-peer recognition, values reinforcement, and open communication to help organizations boost employee engagement, reduce turnover, improve culture, and drive productivity and performance. Kudos uses unique proprietary methodologies to deliver essential people analytics on culture, performance, equity, and inclusion, providing organizations with deep insights and a clear understanding of their workforce.Talk to Sales