Most companies faced with diminishing profits or lackluster budgets still find ways to recognize their employees’ achievements and dedication. Despite the troubling economic times, 86 percent of companies still insist on recognizing their employees in some way. According to a survey released this week by WorldatWork, this priority is down three percent since monitored in 2008.
“A 3% decline is not that significant considering the difficult labor and economic climate since the last survey was conducted,” explained Alison Avalos, research manager for WorldatWork. “The data suggests that even with a recession, recognition programs remain an important component of employee rewards.”
Most often, employees are recognized for their length of service and above and beyond performance, but sometimes, they are specifically nominated by their peers. Meanwhile, some employers used these recognition programs to motivate specific types of behavior. This type of recognition climbed in usage by nine percentage points to 34% since 2008.
Employers give certificates and/or plaques, cash, or gift certificates as symbolic gestures of appreciation, hopeful that the individualized recognition will help create a positive work environment and motivate high performance.
Recruiters may find themselves in a unique position of being able to monitor the importance of such programs. When you talk with employees looking for another job, how often does this sense of being recognized or unrecognized come up? Do these formal gestures help companies keep talented staff?