Employee turnover is a major challenge facing companies; it’s costly, slows productivity, and can create a ripple of negativity though an entire organization. Recognition, however, might be the key to limiting turnover and mitigating its negative effects. A new study by TINYpulse, an employee engagement and research firm, suggests that retention is directly tied to recognition, yet a frightening 79 percent of employees don’t feel strongly valued for the work they put in. Despite its short supply, recognition goes a long way toward keeping workers satisfied. According to the study, the data prove this. Feeling appreciated at work also improves employees’ relationships with one another, a key factor in maintaining an engaged workforce. “Employees want to recognize their peers,” the report states. “When someone feels valued, they’re more likely to rate their colleague with a higher score.” A staggering 70 percent of employees thought their peers were the most important factor in creating engagement, while official perks, including work functions, parties, or amenities, were only valued by 8 percent of those surveyed.
Recognition, Particularly From Peers, Important in Retention