Employee Recognition Linked to Better Business Performance

(From Business News Daily) -- As the old saying goes, “You reap what you sow.” It holds true when it comes to how companies treat their employees, too.
 
Research from human resources firm Bersin & Associates suggests that companies that excel at employee recognition are on average 12 times more likely than their peers to generate strong business results, including higher profitability and better market leadership positions. In addition, in organizations where recognition occurs, employee engagement, productivity and customer service are about 14 percent better than in companies that do not reward and recognize employees well.
 
"Nearly 80 percent of organizations unfortunately focus on ad-hoc or tenure-based recognition programs that fail to reinforce consistent messages or make a strategic impact," said Stacia Sherman Garr, principal analyst of performance management at Bersin & Associates. "Used correctly, employee recognition is an important talent management tool that can help guide employee performance, maintain increased employee engagement, reduce employee turnover and ultimately drive business performance."
 
Based on advanced statistical analysis and customer interviews, Bersin & Associates has developed a set of best practices businesses can follow for improved employee recognition, including the following:

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