Profits vs. praise: Is cash king for employee recognition?

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Is it big budgets or a simple “thank you” that drives business results through recognition? The answer: It depends. Frequent social recognition can be just as powerful as monetary recognition in boosting engagement, job commitment, and productivity.

In the 2023 State of Recognition Report, we asked 3,500 employees how often they’re recognized and how it impacts their work. The results? Most employees are recognized only quarterly or less, with 20% saying they never get recognized.

Our Profits vs. Praise infographic delivers the insights you need to change the way you celebrate your people.

How often is the average employee recognized?

Recognition frequency plays a big role in employee engagement and productivity. Unfortunately, for many organizations, recognition isn’t hitting the mark. Here’s what Achievers Workforce Institute found:

*Source: AWI 2023 State of Recognition Report

The data speaks for itself — many employees aren’t being recognized as often as they should be, which can have a direct impact on engagement and productivity.

So, what’s the solution? Let’s dive into the steps you can take to build a culture of recognition that drives lasting results.

How to create a culture of recognition

When it comes to creating a thriving workplace culture, it’s about balancing social and monetary recognition with other key actions.

Here’s how to get it right:

1. Leverage points and nudges: Use reminders and point expiries to drive platform usage and create recognition habits.
2. Promote social recognition: Show how impactful social recognition can be to encourage more frequent recognition.
3. Train managers: Managers who recognize their teams are more likely to inspire others to do the same.
4. Highlight peer recognition: Publicly acknowledge recognitions in team meetings to show their value.
5. Run regular campaigns: Keep recognition alive with quarterly campaigns that encourage new ways to use the platform.

Get the full picture with the Profit vs. Praise infographic and discover how social and monetary recognition can drive results.