Employee engagement isn't optional.
Modern workers expect autonomy, growth, and purpose. Companies failing to support this kind of employee experience are losing their top performers and falling behind the competition. When employees are empowered, encouraged, and working toward the same goals, companies report higher levels of success.
What are the numbers? Companies with low levels of employee engagement report twenty-one percent less productivity than their competitors and twenty-two percent lower profits.
Recognizing employees is powerful.
Employee recognition is a highly-effective strategy for improving employee engagement. When they're well-implemented, staff appreciation programs have the power to boost many aspects of a business, from morale to productivity, engagement, and retention.
Bersin & Associates found that employee recognition programs can reduce turnover by 31 percent when they fulfill these five criteria:
- Celebrate specific results and behaviors
- Facilitate peer-to-peer recognition, not just top-down
- Share recognition publicly
- Give recognition frequently
- Tie recognition to company values and goals
With Bonusly, you can make recognition more impactful by connecting it to your company’s core values and giving visibility to everyone’s contributions. You can build a scalable culture of recognition by empowering everyone to recognize their peers, direct reports, and managers.