Are you harnessing the power of recognition?
Why is recognition so important anyway? Does it really impact the bottom line?
You might be surprised, so come on, managers, let’s talk about the power of recognition.
Providing recognition in the workplace is a must, especially during tough times. Here’s why:
#1: Recognition is free.
Need I say more? In flush and lean times, giving praise verbally, and spending time talking about what the person did well and how it helped, should be one of the top behaviors you use as a manager.
#2: Recognition boosts the bottom line.
Data from Gallup tells us that companies with performance evaluation systems that include managers giving their employees balanced, regular feedback are 10-20% more productive than other companies. And 10-20% more revenue comes along with it. WOW! That’s a big deposit into the company checking account.
#3: Employees want and respond to recognition.
Formal data tells us that recognition is good for business. Informally, in our gut, we know this is true once we stop and think about it. Listen to complaints in the hallways. Think back to your days working with a manager who veered clear of recognition as if it were the plague. What would have kept you going, kept you working longer and harder? What would have made you feel good?
Research tells us that positive words do something to our brains; they trigger a chemical reaction that makes us feel good. It’s the “high” we get when we receive detailed, thoughtful feedback on our work.
#4: Recognition reinforces what’s working–what you want more of.
Giving positive feedback to an employee tells him what he’s doing well. You reinforce the continuation of effective behaviors and tasks. You can’t leave that up to chance. No one is a mind reader.
And when it comes to star employees, no news isn’t good news. Managers sometimes reason that the best team members are better off left alone: they don’t need to hear why they’re doing a super job–they know it, right? Wrong. Taking recognition of your A players off the plate means putting time interviewing their replacements on your plate.
Let’s review the payoff you get from harnessing the power of recognition.
Recognition keeps your employees engaged. Organizations whose employees are engaged are 50% more likely to achieve a high level of customer retention and are 44% more likely to achieve above-average profitability.
