We’ve all encountered people in our careers who are firm believers that workers are strictly motivated by money. Don’t you wish you could convince your stubborn colleagues of the business value of praise and recognition?
Thankfully, there is a ton of research in this area. Just last year, Harvard Business School published a study on the connection between praise and productivity. Participants visited the Harvard Decision Science Laboratory and were asked solve a problem. “Approximately half of the participants were told to ask friends and family members to send them an email just prior to their participation that described a time when the participant was at his or her best.”
The result: more than half of those who received positive emails solved the problem, versus only 19% who didn’t receive emails. The study also notes that participants who received praise were also significantly less stressed.
And that’s just one study. We recently published a paper titled, The ROI of Social Recognition: 7 Ways it Drives Business Success. It’s packed with the latest industry studies and statistics that show the proven links between social recognition and quantifiable business metrics. Here’s a sneak peek at the 7 ways social recognition impacts business:
- It reinforces company values and culture. Managers of higher profitability companies are 12% more likely to have a strong focus on core values and corporate culture. (Deloitte)
- It improves talent management and performance data. Organizations that are highly effective at preparing managements for the coaching relationship are about 130% more likely to see strong business results. (Bersin by Deloitte)
- It moves the needle on retention. More than 50% of employees would stay longer in their jobs if they felt more appreciation from their boss. (Glassdoor)
- It increases shareholder returns. Companies with an average of 9.3 engaged employees for every actively disengaged employee in 2010-2011 experienced 147% higher earnings per share compared with their competition. (Gallup)
- It helps build a strong employer brand. 66% of HR professionals say values-based recognition help them build a stronger employer brand. (SHRM/Globoforce Employee Recognition Survey)
- It boosts employee happiness. The most important job element for all people is appreciation for their work. (The Boston Consulting Group)
- It drives employee performance. Knowledge works are more creative and productive when their inner work lives are positive. (Harvard University)
Download the full report to take a deep dive into each of these ROI drivers. You’ll also get recommendations based on the research, as well as success stories from companies like JetBlue and Intuit that have found success with social recognition.
[New Report] How to Make a Business Case for Recognition #workhuman
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We hope you enjoy the read and use it to convince the skeptics!