Kathleen Kim | Inc.com staff
New research reveals something pretty obvious. Thanking and rewarding employees can give your business a boost.
Don’t hold off until annual performance reviews to praise stellar employees. A simple “thank you” here and there can boost efficiency and even help your business make more money.
According to new research (and, perhaps, the laws of common sense) companies that excel at employee recognition are 12 times more likely to generate strong business results than those that do not.
In companies focused on rewarding their workers, employee engagement, productivity and customer service were about 14% better than in those that skimp on recognition, the study found.
The study was conducted by advisory services firm Bersin & Associates President and CEO Josh Bersin wrote recently that “high-recognition culture” companies share three common traits:
First, they build focused recognition programs which collect “thank you’s” and “feedback” from peers, not just managers. Second, they directly tie recognition to business goals and company values, so recognition reinforces strategy. Third, they give employees open and transparent access to the program – so everyone can see who is being recognized and anyone can recognize another.
But to really praise like a pro, start here: