Unpacking the Study
A recent study called Bringing More Humanity to Recognition, Performance, and Life at Work by Globoforce found that workers are looking for a sense of meaning at work, even more so than salary and benefits. When asked, “What makes you stay at your company?”:
- 32% of respondents selected “My job – I find the work meaningful.”
- 24% chose “The compensation – salary, benefits, and perks.”
- 15% selected the people they work with
- 7% said their company’s vision and values make them stay.
- 7% indicated support and resources from their manager.
- 16% were looking for another job.
So, what do workers need in order to feel that their work holds meaning? The answer: regular feedback and values-based recognition. Recognition from their managers and co-workers for doing a good job and for contributing to their organization’s overall mission.
Unfortunately, this type of recognition isn’t common. In the same study, only 25% of workers had been recognized within the last month. Yet, of workers who had received recognition in the last six months, 93% agreed that the work their organization had meaning and purpose for them.
The ROI on Values-based Recognition
Maybe you’re thinking: “Who cares if Maria loves her job! She gets a paycheck. I’m focused on the bottom-line!”
Not so fast. Consider the average cost of hiring an employee like Maria. Based on a 2016 survey by SHRM, the average U.S. employer spends about $4,129 and 42 days to hire a new worker. That’s real money and valuable time. Now think: “How much does it cost to recognize employees?” The RIO is obvious.
So, take a moment to think about what your organization is doing to recognize your employees who exemplify the values that are important to your mission and culture. Consider developing an appreciation program that recognizes one or multiple employees’ contributions. The bottom-line is that when employees receive recognition that is tied to the values of the organization, they are more likely to love their job and stay.
Learn how The Nebo Company works with organizations on how to align organizational and individual values.
Photo by rawpixel.com on Unsplash