Next to physical survival, the greatest need of a human being is psychological survival, to be understood, to be affirmed, to be validated, to be appreciated.
– The 7 Habits of Highly Effective People by Stephen R. Covey
Appreciation is a fundamental human need. Employees respond to appreciation expressed through recognition of their good work because it confirms their work is valued. When employees and their work are valued, their satisfaction and productivity rises, and they are motivated to maintain and improve their good work. While it is quite obvious that recognition has a positive impact on individuals and teams, a formal, institutionalised process of rewarding and recognizing individuals and teams has never got the attention it deserved in the workplace.
One of the key reasons is the lack of research based evidence on its quantifiable benefits and impact on the bottom-line. Fortunately, the last few years have seen a renewed focus on the topic of Rewards and Recognition and a lot of global studies have been undertaken to understand the business impact of rewards and recognition programmes. The following are a few important findings from global studies:
However the defining statistic that sets the agenda for the way forward is that “Only 14% of organizations provide managers with the necessary tools for rewards and recognition.” (Aberdeen Group, The Power of Employee Recognition)
The stage is set for disruptive new technologies and processes that help managers and senior stakeholders connect continually with their employees and reward and recognize them for their hard work and innovation