If you're the owner or manager of a business, then you'll already be well aware of the fact that your employees are one of your biggest keys to success. You want your workforce to be productive and hardworking. But you also need them to feel engaged, satisfied in their roles and validated.
If you've got a team full of people who are less than happy at work, this is going to send ripple effects throughout the company, impacting everything from your public reputation to your bottom line. Social recognition is one way of combating all of these issues at once. All while ensuring your employees feel comfortable within your company and excited to come to work each day.
One study found that 79% of people who left a job did so because, ultimately, they didn't feel valued. If you want to boost your retention rates, cultivate a happier working environment and see productivity soar, peer-to-peer recognition is a great place to start. Read on for everything you need to know.
What is social recognition?
Before we speak about all of the many benefits of socially recognizing employees, let's run things back for a second. What exactly is social recognition? You may have heard of it before in passing, but are you familiar with its principles and what it entails?
Social recognition, also known as peer-to-peer recognition, is a simple concept on its face. It refers to the act of co-workers proactively empowering and acknowledging one another for achievements, milestones, or merely even a job well done.
Types of recognition
Some more tangible examples of employee recognition might include acknowledging a person's work anniversary, celebrating the end of a healthy quarter as a team, or wishing a co-worker a happy birthday. It could look like buying someone a greeting card, throwing someone a party, or even sending a co-worker a message. Seems like something small, right?
That's because it is. These don't have to be grand gestures where you spend hundreds of dollars on every little achievement. It's more about making sure to give the proper weight and recognition to the accomplishments of your employees.
Benefits of peer-to-peer recognition
Now that we've grasped the concept of social recognition, we can take a look at some of the reasons a company would want to employ this strategy. Social recognition might seem at first glance like a small and even insignificant change to enact in your office. But the impact it can have shouldn't be underestimated.
We mentioned that when employees aren't happy in their roles, a ripple effect can occur throughout the company. The flip side of this is that when employees feel happy, valued, and recognized by their peers and their superiors, a tangible and measurable change can happen.
1. A boost in productivity
Happy employees are more productive employees. This is a well-documented fact. Time and again, studies show that employee satisfaction is one of the key indicators of how productive they're likely to be.
If you think about it, this makes perfect sense. When your team members feel as though they're being respected at work, they're likely to afford their work more respect in turn. The more you recognize team members for their achievements, the more likely they are to want to continue to accomplish more in the future.
2. Higher employee retention rates
Happier and more validated employees are less likely to leave their company. Employee retention is something that every company needs to keep an eye on.
It's costly in terms of time and money to replace and train employees who leave. But even more than this, a company with a high churn rate sets off alarm bells to stakeholders such as potential employees, potential clients, and potential investors.
3. More effective collaboration
Many companies spend tens of thousands of dollars each year on retreats and various team-building exercises, all with the aim of enabling better communication and collaboration among employees. This is with good reason. Employees being able to work effectively as part of a team is essential to the success of almost any business.
But a genuinely dynamic and collaborative workplace is something that's difficult to manufacture. However, when you encourage peer-to-peer recognition between employees, walls come down, and bonds are formed. In this environment, collaboration can naturally flourish.
Increased collaboration between team members and teams can benefit your company in so many ways. It leads to more creative solutions and streamlined processes. It also fosters a sense of belonging in the workplace.
Recognition in the digital age
Most managers will by now agree that social recognition in the workplace is a positive thing. But that doesn't mean they'll find it easy to encourage or implement in their own work settings.
The technological advances and workplace changes of the last few years have made it more challenging. But they've also opened up new opportunities.
While the rise in remote work may make it seem more difficult to effectively dish out praise to employees, in many ways, it simplifies matters. When parties happen via video chat, they're easier to organize and attend.
Flowers and food are easier to send to anywhere than ever before. Online vouchers and eCards can be sent with the touch of a button.
Perhaps the more challenging part is creating an environment where this is the norm. Again, smart technology can save the day here.
With mesh, you can continuously engage with and praise your employees. Celebrate wins through posts and automated feed cards. It's social recognition made simple.
The social recognition revolution
Social recognition is a simple yet effective way to foster an overall better work environment for everyone on your team. If you're ready to enact positive change and bring more positive vibes to your business, Mesh can help you do that.
With mesh, you've got a one-stop shop for monitoring, training, and praising employees. This enables you to get the best out of them and offer them a more rewarding work experience at the same time. Get in touch to discuss which plan works best for you today.