Receiving high-quality recognition and feedback can have a significant impact on employee retention, reveals new research by Workhuman and Gallup. According to the survey, employees who received high-quality recognition in 2022 were 45% less likely to have left their jobs by 2024.
Further, 42% of senior executives strongly agree that employee recognition must be a key pillar in their employee engagement and retention strategy, up from 28% from two years ago.
Meisha-Ann Martin, Workhuman senior director, people analytics and research, said: “The findings illustrate that recognition of both personal and workplace accomplishments has a significant impact on reducing turnover, increasing engagement and boosting positive emotions. When people feel their best, when they’re part of a community. When they have social support, when they feel seen, heard, appreciated, and valued, they thrive — and the businesses they work for thrive as well.”
Previous Gallup and Workhuman research identified five key pillars for high-impact workplace recognition: it should be fulfilling, authentic, personalised, equitable, and embedded in company culture.
The new report reveals that 55% of U.S. employees either don’t receive recognition or receive recognition that doesn’t meet any of these pillars. Employees who experience recognition that fulfills even one pillar are 2.9 times more likely to be engaged. Those who receive recognition meeting four or more pillars are 66% less likely to feel lonely and 4.4 times more likely to say their job gives them purpose.
In addition to quality recognition, employees benefit from all meaningful feedback regarding their work performance. Only one in four (25%) employees strongly agree they receive valuable feedback from the people they work with. Nearly half of respondents say that they do not get feedback from their manager at the rate they want.