Want to understand the undeniable link between recognition and reward programs and enhanced productivity, engagement, and retention?
We’ve compiled six compelling statistics from The Workplace Engagement Index to demonstrate how recognition and reward is linked to these crucial components to business success. Check out the blog and accompanying shareable infographic below!
1 in 3 Aussie employees say they feel more productive at work when receiving recognition and rewards
Recognising and rewarding employees for their hard work doesn't just boost morale; it significantly enhances productivity. A third of Australian employees attested to feeling more motivated and productive when their efforts were acknowledged and rewarded.
1 in 4 employees say they rarely feel appreciated or recognised
A concerning statistic reveals that a quarter of the workforce seldom feels valued or acknowledged for their contributions. This underscores the critical need for businesses to implement robust recognition and reward initiatives.
35% of employees say that a lack of recognition is why they’re thinking of leaving their employer
Employee retention is a challenge many organisations face, and a substantial 35% attribute their departure thoughts to a lack of recognition. It's clear that investing in these programs can be a strategic move to retain valuable talent.
1 in 3 employees say they’d consider staying with their current employer if they received more recognition
On the flip side, a third of employees express a willingness to stay with their current employer if they receive more recognition. This statistic highlights the potential impact of recognition and rewards in fostering employee loyalty.
47% of employees view recognition as a must-have from a new employer
For businesses looking to attract top-tier talent, understanding the importance of recognition is key. Nearly half of employees view it as a non-negotiable requirement when considering a new employer, emphasising its role in the competitive talent market.
49% of Aussie HR managers who say their reward and recognition programs are underfunded have turnover rates of 11% or higher
Underfunding reward and recognition programs can have severe consequences. Almost half of Australian HR managers experiencing this issue witness turnover rates of 11% or higher, highlighting the direct impact on employee satisfaction and retention.
As Australian HR and business leaders aim to enhance engagement and retain top talent in 2024, the importance of recognition and reward programs cannot be overstated. These programs are proven to play a pivotal role in driving productivity, engagement and retention.
Click on our accompanying infographic below to save the stats and share with your team, or download the full report at rg.co/wei.
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