It’s that time again! Several times a year we conduct, or co-conduct, surveys to assess current business challenges and solutions in HR. We talk directly with employees in our Workforce Mood Tracker Reports, and twice a year we also partner with the Society for Human Resources Management (SHRM) to talk directly with HR leaders. The insights that we get from these surveys are usually pretty compelling, and the report issued this past week is no exception.
The Spring 2013 SHRM/Globoforce Employee Recognition Survey, which we announced last week, is called Driving Stronger Performance Through Employee Recognition. It examines our the current business climate and the HR challenges that are most critical to companies. We found that organizations are taking a closer look at how to raise employee engagement and drive employee performance.
With the noted rise of employee recognition programs, companies are seeing proven business benefits from recognizing great work and performance. The survey looked at:
- The biggest challenges and opportunities for managing human capital
- The most effective strategies in elevating employee engagement and performance
- The impact of employee recognition on workplace productivity and satisfaction
- The effect of new innovations and technologies
Here are the findings, in brief. To see all the great statistics and proof points, you can go and download the survey, here.
- Employee engagement is the top HR concern for organizations: When we asked HR leaders, raising employee engagement was identified as the key strategy for success in maximizing human capital.
- Employees are most responsive to a mix of praise and prize: A combination of positive feedback and tangible reward is most effective in driving performance.
- Stand-alone years-of-service awards are less effective than you might think: Though YOS awards are the most common traditional type of recognition, they are also one of the least effective in driving critical HR metrics—at least when used alone in a traditional way.
- Peer-to-peer feedback gives the clearest picture of employee performance: When organizations incorporate inputs beyond a single manager’s feedback, HR leaders gain much more accurate insights into employee behavior and performance.
- Crowdsourced feedback is a great tool for performance reviews: Companies that use recognition data from peer-to-peer social recognition programs as part of their reviews reported more effective performance management and enhanced manager and employee appreciation.