Most people receive recognition or praise regularly from family members, educators, coaches, mentors, or friends. However, not everyone receives recognition at work, which plays a critical role in shaping an employee’s motivation and a company's culture.
The value a company places on its culture is a key factor in its success and encapsulates the overall well-being of its employees. Under the umbrella of company culture falls employee recognition, which is how an organization shows appreciation for its employees’ daily contributions.
Consistent employee recognition has been shown to increase job performance, satisfaction, motivation, and retention. Recognition alone increases employee engagement, productivity, and performance by 14%, with 40% of employed Americans putting more energy into their work. In addition, studies have found that an employee who has been recognized is 63% more likely to stay at their current job (apollotechnical).
The principles that Palmer Group was founded on, such as openly communicating and investing in others, has been a guideline for the organization to consistently recognize employees and acknowledge them for their direct contributions to the success of Palmer Group. No two businesses are alike but there are a few things that every company should implement to prioritize employee recognition.
Key Components of Employee Recognition
Employee acknowledgement and recognition can come in all shapes and sizes because individuals are motivated by different things. For recognition to be meaningful, there are a few aspects that need to be taken into consideration:
- Timing - Sooner is always better. Don’t wait weeks or even months to show a colleague they’re doing a good job.
- Why - It’s critical for the employee to know why they’re being recognized. Be specific. What did they accomplish or do well?
- Method – Whatever form of recognition a peer or manager chooses, it must be appropriate for the situation. An example of this is celebrating a long anniversary. You’re not going to give someone celebrating their 20-year anniversary a couple of swag items, but instead, plan an event to celebrate their loyalty with the company.
A company that recognizes its employees with these guidelines in mind will create engaged employees who are motivated, positive and productive. If an employee is recognized in the appropriate manner, at the right time, and explained why they are being acknowledged, that person is far more likely to meet their goals and embrace the environment they’re in.
As an employee-owned company, Palmer Group understands the value of recognition, and has several different methods:
Employee Acknowledgement at Palmer Group
- Monthly MVPs. A system where once a month employees get the opportunity to vote one of their colleagues “Most Valuable Person” for the month. During a company meeting, seven names are drawn, and each MVP receives a $50 amazon gift card, and a few words from the voter are shared as to why they nominated the individual.
- “MLB” moments. “Making Lives Better” moments are when individuals in the organization can share about someone who impacted an employee, candidate, or client in a positive way. This is done every week during a company meeting, allowing plenty of opportunities for individuals to give and receive recognition.
- “Celebrate the Great” cards. A daily opportunity for employees to share a short message with a peer they feel deserves praise and appreciation based upon Palmer Group’s values: Trust, Love, Fun, and Passion. Employees place these cards on their desks or send them digitally.
It’s important to remember that every business is different when it comes to its company culture, so decisions on how to show appreciation to employees should be made strategically to ensure it is as genuine as possible.
Employee recognition should be a huge part of every company’s culture. By showing appreciation to employees, companies are likely to see individuals have better performance, motivation, and job satisfaction. No matter how big or small the achievement may seem, genuine recognition serves as a way for employees to feel a sense of purpose for their work, motivating them to perform at a high level.
Looking to learn more about Palmer Group’s employee recognition efforts? Contact us with any questions or comments you may have, or email info@thepalmegroup.com for more information on our recognition practices.