Employee recognition and incentives program provider Michael C. Fina has released a new infographic, Engaging Today’s Workforce, to highlight how employee recognition can help positively impact organizational culture, performance and bottom line. With employee engagement levels at all-time lows, the chart identifies the top drivers of employee engagement and how formal and informal recognition can generate more workplace engagement.
“Organizations that embrace a culture of recognition and cultivate relationships have more productive and dedicated workers,” said Ashley Fina, president of Michael C. Fina. “Motivated employees have a stronger connection to the workplace and are driven to go above and beyond to help impact overall business goals.”
According to Engaging Today’s Workforce, over half of surveyed companies reported higher turnover rates in 2013 than in 2012 with employee replacement costing a company 150 percent of a given employee’s salary. Additionally, engaged employees are more likely to perform better, feel bonded to an organization, and recommend their organization to others than employees experiencing low engagement or disengagement. A highly engaged workforce results in revenues 2.5 times more than others.
The survey identified recognition as the number one driver of employee engagement. A culture of recognition fosters employees who are 7 times more likely to stay with their employer and 11 times more likely to be completely committed to their jobs. Engagement increases by 20 percent when recognition increases from monthly to weekly and another 35 percent when recognition becomes a daily occurrence.
Michael C. Fina recommends organizations use the following tactics to boost engagement:
• Employee awards;
• Company meeting recognition;
• Notes from supervisors;
• Verbal encouragement from senior leadership; and
• Productivity-based prizes or rewards.