What are you doing to boost employee engagement, drive results, and build culture? Here at Qarrot, we believe that peer recognition is an effective tool for achieving employee and organizational success.
Peer recognition varies from the traditional sense of recognition, which usually travels from manager to employee in a vertical direction. Instead, peer recognition challenges that process by encouraging colleagues at all levels to celebrate each other. This is a far more inclusive, collective, and horizontal approach. Remember how daunting public speaking was as a child in school–having to speak in front of our peers? Receiving feedback, thanks, or recognition from colleagues can be just as motivating as those from leaders.
Encouraging team members to celebrate and reward each other's achievements is a great way to get people excited about work (which we could all use now and then). One of the biggest benefits organizations see as a result of peer recognition is increased employee engagement and morale. How important is employee engagement, you may ask? A staggering 85% of employees are not engaged in the workplace–that’s a lot of room for improvement. Recognition has been a long time source of motivation for cultivating a supportive environment–69% of employees admit they would work harder if they felt like their efforts were better appreciated. Indeed, empowering employees with the proper tools to celebrate each other's achievements will benefit your team tenfold.
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The benefits of a peer recognition rich environment
Improve workplace culture
Employees' interactions and attitudes are great indicators of how they feel about their work and identity within the organization. Fostering a recognition-rich environment where peers can celebrate wins and share feedback creates a culture where your team will love to work, develop, and grow. And the numbers don’t lie–74% of companies who have an existing process in place report a correlation between recognition and a more positive workplace environment. By recognizing desired outcomes and behavior, leaders can further steep workplace culture in the mission, vision, and values of the company. With peer recognition, you can create a place where your employees truly want to be.
Optimize internal communications
Who says that only manager feedback is important? Recognition and praise from peers can be just as powerful. In fact, recognition is an innovative tool for uncovering insightful feedback in addition to sharing accolades. By introducing peer recognition, managers can see employee engagement in real-time. With personalized rewards and crafting objective-driven campaigns–both of which you can find in Qarrot–leaders can finally identify what truly motivates their team members. Peer recognition also enables a positive feedback loop between team members–increasing the likelihood that employees will continue to perform and deliver results. Is it worth the investment? 46% of managers consider a recognition process an asset, rather than an expense–and a disengaged team will most likely cost you more in the long run.
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Increase employee retention
As we explored above, peer recognition can do wonders for workplace culture–which in turn will also boost employee retention. People don’t leave jobs–they leave poor workplace culture and lackluster leadership. A company's ability to attract and maintain talent is a telltale sign of how things are operating internally. If turnover is high, that’s a big red warning sign for prospective employees to keep moving. Lack of recognition is one of the top reasons people leave an organization–but companies who have an employee recognition program in place report a 31% lower turnover rate. Getting employees involved in the recognition process is an effective way to attract and retain talent.
From reinforcing core values to increasing employee engagement and morale, peer recognition is one process that can reap multiple benefits. Discover how creating a recognition rich environment can help your team–book a demo with Qarrot today!