Ten Reasons to Introduce a Peer to Peer Recognition Scheme
Every employee is unique and as a result, each member of the team will be motivated by different factors but one thing is for certain, every employee thrives on recognition. While all companies can benefit from regularly showing their appreciation for employee’s hard work, here are ten great reasons to introduce a formal platform that allows colleagues to recognise one another:
1. Peer to Peer Recognition Builds Trust
There are a number of ways that encouraging peer to peer recognition can make your workforce stronger and one of them is by building trust. According to SHRM, 57 % of HR professionals in companies that introduced peer-to-peer recognition programs reported higher levels of employee engagement, compared with 46% of those without such programs. It also helps to build strong employee relations.
2. Employees That Are Your Eyes and Ears
It isn’t always possible for managers to witness all of the hard work employees do each day and so building a platform for peer to peer recognition ensures that employee achievements are recorded regardless. Recording this data is a great way to get reliable feedback on day to day employee achievements. Fellow employees will know which of their peers come to work early each day full of ideas and enthusiasm, which puts them in a superb position to offer their feedback and praise.
3. Increase Employee Retention
A valued employee is a happy employee and increasing the channels available for recognition also has a positive impact on employee retention. According to Growth Engineering, happy and engaged workers are 12% more productive, take around 3.9 fewer sick days a year, and are able to sell up to 37% more!. Receiving recognition from colleagues gives employees an extra boost that will keep them motivated when they need it the most.
4. Increase the Sense of Team Spirit
The working relationship between employees can make or break a business. Giving and receiving praise encourages employees to work as a team and it creates a positive working environment.
5. Increases Job Satisfaction
Getting recognition from their peers is actually more rewarding than getting recognition from a boss, according to The Observer, peer-to-peer recognition is 35.7% more likely to have a positive impact on financial results than manager-only recognition. So it has the power to increase job satisfaction significantly.
6. Creates an Inclusive Working Environment
A peer to peer recognition scheme allows employees to dish out praise to any employee at any time which means that rather than the same select few top performing sales staff getting rewarded, it evens the playing field and gives everyone the same chance of receiving recognition, regardless of their role. This makes sure that the less visible employees in customer service or back office support roles receive the recognition they deserve.
7. It Boosts Morale
Being recognised for achievements no matter how small has an instant feel good factor especially when this recognition comes from a colleague. According to The Employee Engagement Blog, 77% of employees even stated they would work harder if they felt better recognized.
8. It Keeps Positive Feedback Circulating
One of the reasons employee reward schemes fail is that they become predictable and employees lose interest, either tiring of the reward itself or feeling demoralised if they aren’t rewarded. Peer to peer recognition adds the element of surprise as employees could be recognised for their hard work at any time by any of their teammates. With this type of scheme in place, positive feedback is constantly circulating.
9. It Increases Productivity
Receiving regular praise can increase productivity and will encourage employees to go the extra mile. If employees feel that their hard work will be recognised on a large scale, they are more likely to put in the extra work with a smile. 60% of Best-in-Class organisations stated that employee recognition is extremely valuable in driving individual performance.
10. It will Keep Your Customers Happy
An impressive 41% of companies who have introduced a peer to peer recognition scheme have found that customer satisfaction has improved as a result. Happy employees are more likely to be strong brand ambassadors and provide a higher level of service to customers.
Peer to peer recognition schemes are a powerful engagement tool and bring a whole host of benefits with them.