Your core values should already be embedded into your company culture, as they’re the foundation of who you are and what you believe as an organization. Of course, you want your employees to live and breathe these values, so why not reward them for it? Recognize your employees for specific incidents when they truly embodied your company values.
According to a survey by Globoforce, these percentages represent employee who responded “yes” to the following statements:
Employees are satisfied with the level of recognition they receive for doing a good job:
Managers or supervisors effectively acknowledge and appreciate employees:
Employees are rewarded according to their job performance
These stats show no small change between the three types of companies. But while most organizations already know the value of recognition programs, they should be pointing the direction to values-based recognition specifically. There are three advantages to this type of program.
Working for an award void of context or true meaning — think: Employee of the Month — will not move the needle of engagement like values-based recognition will. According to a different Globoforce Workforce MoodTracker, 54% of respondents who didn’t know their companies core values reported being engaged, while a whopping 88% of those that did know the core values reported engagement.
Employees want to be more than just a cog in the wheel. They want to contribute to company goals and know how they fit within the overarching missions of the company. A values-based recognition program can reward this and ensure they feel like a part of the big picture, which will boost engagement.
When there is high engagement, high productivity usually follows. That same Globoforce study showed that 79% of employees say recognition tied to core values gave them a stronger sense of company goals and objectives. With a clear understanding of company missions, employees are more likely to deliver against those organizational priorities. This alignment means more productivity, and more effective productivity at that.
Feeling like they are an essential part of an company’s objectives will bring a sense of pride to the work and in the organization as a whole. Avis saw major success after it implemented a values-based employee recognition program: they found that the employee survey's "Pride in Company" section was getting a boost from the new focus on values.
As a result, Avis’s year-to-year voluntary turnover rate dropped from 19.3 to 15.1%, which is particularly notable considering the average U.S. rate jumped to 20.3% in the same timeframe. It’s estimated the drop in turnover saves Avis $3 million — per percentage point drop.
If your company has already implemented an employee recognition program, you’re already off to a good start. And looking at the advantages of values-based employee recognition may make you steer your ship in that direction.