According to recent studies in the U.K., employees would rather be recognized for their professional accomplishments and have a solid benefits package then get paid a higher wage. Is it possible that our neighbors across the pond are on to something we can apply here? We can all agree that it feels great to get recognized by your boss for a job well done, almost more than getting that paycheck we all expect twice a month, however, could it be true that we might all pass up a raise for some good old fashion employee recognition. These numbers seem to indicate that if Americans are anything like Brits, we would:
- 71% of employees would sacrifice a higher salary for a solid benefits package and employee recognition component.
- 68% of respondents indicated they would be more loyal to their employers if they were thanked regularly.
- Likewise, 34% indicated they would be highly unlikely to leave a position if employee recognition were practiced regularly.
One4All study highlights the universal importance of showing regular employee recognition. The incentive of positive reinforcement drives employee productivity, motivation and loyalty to an organization. Without it retention rates fall, employees are unhappy and employers have a harder time managing teams. Employee recognition should be part of any HR strategic plan.