As you build the case for launching an incentive-program campaign or for making upgrades to how you celebrate top achievers during an awards night at your next sales meeting, you might be part of the solution to your company’s most pressing problems.
Recognition is a key tool for improving employee retention, driving engagement, and lowering absenteeism, according to a number of studies referenced in a recent article in Forbes magazine. The roll-up of studies from the likes of Gallup, Deloitte, and O.C. Tanner makes the case for why recognition is more important than ever, especially with the increase in remote workers.
For example, one piece of data in the article suggests that the mere existence of a reward program is motivating to a company’s workforce: “In research conducted Quantum Workplace, when employees believe management will recognize them, they are 2.7 times more likely to be highly engaged.”
More data around the benefits of recognition can be found in the recent Incentive Travel Index, a collaborative survey from the Incentive Research Foundation, the Society for Incentive Travel Excellence, and Financial and Insurance Conference Professionals. One overwhelming stat from the 2022 report: 91 percent of the 1,417 respondents agree that, with a dispersed workforce, incentive travel will have an even more important role in building engagement and company culture.
While recognition can be as simple as a hand-written thank you note or something extra in the paycheck, the IRF’s ongoing research has shown that top-performing companies use a range of reward strategies, and that those earning the rewards have a preference for travel, gifts, and time off.
