A 2008 survey of over a 1000 respondents completed by UK coaching company White Water Strategies showed that acknowledging staff achievements properly had an equivalent perceived value to a one percent pay increase.
So, that means if your company has an annual payroll of four million dollars, recognition has a perceived value equal to $40,000 in raises. Try this calculation with your company payroll figures. In this time of tight budgeting, would you say it is worth teaching managers how to recognize effectively? I would consider it an intelligent investment.
If you are interested in implementing recognition into your organization you will want to read this post.
My name is Cindy Ventrice. I am the author of the best-selling book Make Their Day! Employee Recognition That Works and the companion guide Recognition Strategies That Work.
Make Their Day 