From Praise to Profits: The Business Case for Recognition at Work
A new report from Gallup and Workhuman describes correlations between employee recognition and business outcomes across hundreds of organizations and thousands of teams in different industries.
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With so much change and uncertainty affecting workplaces globally, it can be easy to forget that employees are at the center of any organization’s success. And what those employees feel – about the companies they work for, their leaders, their teams, and themselves – ultimately provides the fuel for high performance.
Gallup and Workhuman research finds that strategic employee recognition – that is, recognition that is fulfilling, authentic, equitable, embedded in company culture, and personalized to the individual – is critical for cultivating an environment where both employees and the business thrive.
Recognition is a simple way for organizations to demonstrate their investment in and commitment to their employees. But it makes good business sense, too.
By making recognition an important part of company culture, a 10,000-person organization with an already engaged workforce can save up to $16.1 million annually due to reduced employee turnover.
But that begs the question: If recognition has such an impact on reduced turnover, are there other cost savings it can yield throughout the organization? A new report from Gallup and Workhuman describes correlations between employee recognition and business outcomes across hundreds of organizations and thousands of teams in different industries.
In this report, you’ll learn:
- 3 ways recognition improves business performance through increased productivity, safer workplaces, and decreased absenteeism.
- What leaders can do to start their organization on the path to human growth and development with strategic recognition.