In 2020, pharmaceutical, biotechnology, and chemical companies around the world rose up to the extraordinary challenges surfaced by the COVID-19 pandemic. We saw firsthand that with increased innovation comes longer hours and added stressors.
During this time, many organizations discovered that an employee recognition program builds resilience against burnout, ensures alignment with organizational values, and helps employees navigate changes they can’t control by buffering against the stress that comes with shifting objectives, moving into new competitive markets, and potential mergers and acquisitions.
The proof is in the data: For one leading pharmaceutical company, frequent recognition correlated with 15% lower turnover and was found to be 8x more powerful than salary increases in improving engagement.
In this paper, we’ll take a closer look at how when recognition is done right, it drives unmatched results for the biopharma workforce.
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