The Power Of Recognition In The Workplace [Infographic]
For many Americans, showing up for work each day ensures a steady paycheck and the means to pay bills and other necessities and comforts of life. But while money is a motivating factor for many employees to go to work, it isn't the main driver for how well they perform their jobs, a recent survey found.
Workers prefer acknowledgment for a job well done from their managers, and attention from leaders more than financial incentives such as an increase in salary, according to a Westminster College study.
The findings run counter to the assumption by a majority of managers (65 percent) polled that employees prefer monetary rewards more than simple recognition and support.
The inability on the part of some employers to reward workers effectively may be one reason a survey taken last summer revealed that 38 percent of workers were actively looking for new jobs.
Further, the survey by Globoforce showed that 39 percent of workers didn't feel appreciated at work, and more than half -- 52 percent -- were dissatisfied with the level of recognition received.
According to the September Globoforce Workforce Mood Tracker survey, nearly half of those surveyed said that they would leave their current employer for a company that clearly recognized employees for their efforts and contributions.
Findings from the study also show that companies that recognize employees see lower turnover.
When employers recognize and appreciate their employees in relevant ways, Globoforce CEO Eric Mosley says, "They will want to continue to work for you."
For more on the role that recognition plays in the workplace, check out the infographic below from Socialcast, a San Francisco-based maker of business software.
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David Schepp has spent more than a dozen years covering business news for the electronic and print media, including Dow Jones Newswires, BBC News, Gannett Co., and most recently at AOL's DailyFinance. Nearly 10 years ago, he started writing a weekly People@Work column, looking in depth at issues facing workers in today's workplace. Follow David on Twitter. Email David at firstname.lastname@example.org. Add David to your Google+ circles.more...