My friends at TemboSocial sent me their most recent infographic on social recognition and it prompted me to take a few minutes to dive a little deeper into their recent whitepaper on why social recognition matters. Below are some highlights from that whitepaper as well as some additional thoughts of my own. "Fifty-four percent of organizations involuntarily lost high-performing employees during the first half of 2010”, reports T&D Magazine.1 According to the U.S. Department of Labor, the number one reason people leave their jobs is lack of appreciation.2 These figures speak to the challenge of talent retention and employee engagement, illustrating that a troubling percentage of employees who feel undervalued move on to what they hope will be greener pastures. But what about the productivity of those employees who remain?Discretionary effort is directly linked to feeling valued. If you believe that your efforts matter, then you will be less likely to leave and more likely to invest greater effort into your job each day.
When companies embrace social media within their organization, they quickly realize that the currency that has the greatest value to knowledge workers is the desire for recognition. What employee doesn't want to leave their mark on the work they've done, the successes they've achieved? Social recognition allows an employee to build a personal legacy within the organization, bringing to light the contributions and milestones of the employee. Recognition becomes a cultural asset, infusing the social intranet with stories of success and achievement.
Social recognition programs provide short and long-term benefits. They deliver a win-win situation. Not only are they far less expensive than traditional monetary rewards programs, they are also proven to be more effective in engaging and motivating knowledge workers than traditional monetary incentives.
The ripple effect of personal legacy means that the stories collected and shared through the right social recognition program will:
To make recognition part of your company culture it makes sense to look at the ubiquity of social media and its success, but it’s important to choose a platform that is SMART:4
To better visualize the points presented here, check out TemboSocial's infographic which illustrates why social recognition programs matter and the power of peer-to-peer recognition... and learn how the right social recognition program increases employee motivation and retention.
1 Pace, A: (2010, September). As future brightens for job seekers, disturbing trends emerge for trainers [Electronic version]. T&D Magazine, Retrieved March 25, 2011, from http://www.astd.org/TD/Archives/2010/Sep/Free/1009_Intelligence.htm
2 Nelson, N: (2007, April). Unleashing the ‘secret’ at work [Electronic version]. Canadian HR Reporter, The National Journal of Human Resource Management, Retrieved March 25, 2011, from www.thepowerofappreciation.net/docs/HR%20Reporter%204-23-07.pdf.
3 Wagner, R., and Harter, J.K. (2006). 12: The Elements of Great Managing. New York: Gallup Press
4 “What Makes a Good Reward?” by Jim Brintnall, Debbie Gustafson, Bob Nelson, Recognition News, Vol. 2, Issue 2.