Peer-To-Peer Social Recognition–Nice to Have, Or a Ticket to Increased Talent Retention and Productivity?
During the first half of 2010, 54% of organizations involuntarily lost high-performing employees. According to the U.S. Department of Labor, the number one reason people leave their job is lack of appreciation. These alarming percentages of employees who feel undervalued move on to what they hope are greener pastures, thus fanning the challenge of talent retention and engagement.
Recognition of extra effort is directly linked to feeling valued, which correlates to higher employee engagement. If an employee believes their efforts matter, they’ll be less likely to leave and more likely to invest greater effort. Non-monetary peer-to-peer social recognition builds employee engagement and has been linked to studies showing increased talent retention and discretionary effort.
- Recognition from peers makes an employee feel valued. Only peers truly understand the effort, time and skill a project takes. Others may recognize the results, peers recognize the effort.
- Peer-To-Peer recognition builds an organizational library of extra effort stories that would otherwise go untold.
- Publically celebrating the stories of a peer’s effort helps shape a company’s culture.
Non-Monetary peer-to-peer recognition is far less expensive than traditional cash/monetary programs, and has proven more effective in engaging and motivating an entire workforce toward a culture of commitment.
Loyaltyworks is an Atlanta based company that has been creating recognition experiences for our clients and their employees for over 36 years through the web-based RewardTrax Total Recognition platform. Let us share with you how the Total Recognition platform can incorporate non-monetary peer-to peer social recognition into your organization’s culture. To get details on our zero set up and no monthly maintenance offer, or to arrange a free web demo, contact Mike Thornton at [email protected] or 678-514-0219. Feel free to view a short flash demo by clicking here.