Statistical Importance Of BRAVO Rewards And Employee Recognition
BRAVO rewards program offers endless benefits to both employees and the organization. Such employee recognition initiatives help employees feel more valued and motivated to go the extra mile for their team. Employee recognition and employee engagement go hand in hand, and you can’t have one but not the other.
The blog suggests the significance of employee recognition and its interlinks to employee engagement and employee recognition. We will also be discussing the statistical benefits of BRAVO employee recognition.
Connection Between Employee Engagement & Employee Recognition
Employee engagement is a relatively broader term linked to many vital aspects of business infrastructure, including employee performance, individual and team goals, employee recognition, employee development, manager effectiveness, etc.
Employee engagement doesn’t necessarily mean monetary rewards all the time. At times, a pat on the back by the organization’s senior leaders makes the employee feel valued, and they start to believe that their job helps the organization achieve success. This sense of belongingness helps them connect to their team, their day-to-day tasks and their company as a whole.
Also, Employee rewards are one of the top drivers of employee engagement. Statistically speaking, employees rewarded for their efforts are 2.7 times more likely to be highly engaged in the following month. Following are a few benefits of the BRAVO rewards program for employee recognition.
- Improved team culture
- Increased Employee engagement
- Decreased employee turnover
- Improved individual productivity
- Improved employee satisfaction levels
- Improved customer loyalty and satisfaction
- The better retention rate of employees
- Reduced stress and absenteeism at the workplace
Statistics Demonstrating Importance Of BRAVO Employee recognition
Employees want to be recognized for their efforts and contributions to their organizational success. Only when employees feel valued at work, they make employees more engaged and feel good about their job.
Recently conducted studies on employee recognition and engagement revealed the following statistics.
Lack of recognition leads to quitting the job.
Suppose an employee feels that they are not celebrated enough at their company; that in itself is a good enough reason for them to leave. According to studies, it is the number one reason for employees to leave their job and that too by some margin.
Employers must ensure that employees are recognized for their accomplishments and progress throughout the employee cycle. Employers must convince the employees that they are invested in their employees’ career growth and success.
Lower voluntary turnover
Companies that don’t offer BRAVO employee recognition have a 31% higher employee voluntary turnover. However, if your company doesn’t have a formal employee rewards program, it would be great to start one immediately. Hold one-on-one meetings with your employees and ask for their feedback on how they want to be treated. This helps you improve your strategy even if you already have the best employee rewards and recognition platform. Employees should be conveyed continuously that a recognition program exists and the roadmap to take part in it.
Lower frustration levels
Companies that fail to offer BRAVO employee recognition experience 28.6% greater frustration levels than companies that actively celebrate their employees. However, the biggest myth about employee engagement is that recognition only involves success and goal achievement.
BRAVO’s employee recognition programs help you celebrate even the micro-moments along the way. This encourages the employees to go above and beyond for their company
Stronger business outcomes
Companies that lack a sophisticated employee recognition and rewards program suffer from 12 times weaker business outcomes. Thus, employee recognition should be offered in the context of a business outcome or more significant goal.
Once employees start to believe and understand how their efforts(the ones they are recognized for) impact the business, they’ll be highly motivated to contribute again.
Top drivers of candidate attraction.
Suppose your company has some vacancy and is looking to hire a new resource. Employee recognition and company culture are the key ingredients to attract top talent. Normally, candidates do a lot of research online and even get in touch with the existing employees before applying for a job. So, satisfied and happier employees will only have good things to say about the company.
Even if you don’t have a formal recognition program, ensure a flexible approach in terms of employee recognition. Otherwise, you will end up creating a generic and inauthentic employee recognition strategy that can have a negative influence on the employees.
Positive impact on engagement
Companies that spend 1% or more of payroll on employee recognition notice an 85% improved impact on employee engagement. Employee recognition, however, isn’t all about awards, incentives, and compensation. These are all excellent ideas but make sure they aren’t your only way of employee recognition.
Companies need to consider investing in some user-friendly employee recognition software like BRAVO. Such tools help you with almost every aspect of your employee recognition more efficiently.
In a nutshell:
BRAVO rewards promote healthier company culture. Companies that offer employee recognition programs experience many benefits, including a 12% rise in the revenue generated.
As discussed above, happy employees lead to lesser voluntary turnovers and a dedicated and loyal workforce. Employee recognition initiatives are integral to employee and business success. But if you have any more queries and questions, get in touch with us. BRAVO can help you establish an automated employee recognition system that improves employee engagement.
In this digital age, where employees have plenty of options to switch, employee recognition is a must have!