Effective employee recognition can have a dramatic effect on employee motivation, productivity and retention. Unfortunately, many traditional forms of recognition - years-of-service awards, employee-of-the-month, certificates of achievement - are not effective.
Research by Bersin & Associates identified 5 criteria for an effective employee recognition program:
- Recognize specific results and behaviors
- Peer-to-peer, not top-down
- Share recognition publicly
- Make recognition easy and frequent
- Tie recognition to company values & goals
In the same research, recognition programs that met this criteria were shown to reduce turnover by 31%. Click here to read the article.
Behavioral economics research by Dan Ariely strongly suggests that peer recognition can be a significant motivator in the workplace. Click here to download the presentation
Bonusly is the simplest, most effective peer-to-peer recognition platform on the market. It's free to try, and always free for up to 8 employees. Contact us if you have any questions.