{"id":1876,"date":"2012-04-13T05:58:28","date_gmt":"2012-04-13T11:58:28","guid":{"rendered":"http:\/\/corevalues.com\/?p=1876"},"modified":"2012-04-13T05:58:28","modified_gmt":"2012-04-13T11:58:28","slug":"new-survey-reveals-growing-impact-of-recognition-programs-on-performance-management","status":"publish","type":"post","link":"https:\/\/corevalues.com\/dev\/2012\/04\/13\/new-survey-reveals-growing-impact-of-recognition-programs-on-performance-management\/","title":{"rendered":"New Survey Reveals Growing Impact of Recognition Programs on Performance Management"},"content":{"rendered":"
By TIGERS Success Series<\/div>\n
\"\"<\/a>Are formal recognition programs helpful to building superior performance management systems? We have been supporting the notion <\/a>for the past three years. Now, a new survey presented by the Society for Human Resource Management in partnership with Globoforce says so, too.<\/div>\n
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According to the findings, sixty-four percent of companies that have an employee recognition program say their employees are rewarded according to job performance versus just 36 percent of organizations who do not have a recognition program in place. These are just two of the noteworthy statistics from the SHRM\/Globoforce Employee Recognition Survey.<\/div>\n
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The Society for Human Resource management, SHRM, is the world\u2019s largest association devoted to human resource management. The SHRM\/Globoforce semi-annual survey examines the current state of HR leaders\u2019 employee engagement <\/a>and recognition practices and their impact on <\/strong>performance management.<\/div>\n
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Today\u2019s leaders face increasing competition to hire skilled workers and retain top talent \u2013 a business\u2019s number one asset. The survey reveals that employee engagement is still the number one priority among HR professionals. The recent survey also uncovers a connection between recognition programs and engagement and retention levels, all crucial elements amidst an awakening job market.<\/div>\n
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\u201cWe\u2019re witnessing intense competition for talent that requires new approaches for energizing, engaging, and evaluating a global workforce,\u201d said Eric Mosley, CEO of Globoforce. \u201cPerformance management has long been viewed as the underlying way this is done. Yet, as this latest survey shows, the lack of ongoing feedback continues to be its missing ingredient. By using a social performance management strategy powered by employee recognition, HR leaders can fill that critical gap of feedback. The result is higher levels of employee engagement, satisfaction, and productivity.\u201d<\/p>\n

We know feedback and recognition to be a basic human need for esteem<\/a>. It is one of the three psychological needs that are easily adapted to the workforce.<\/p>\n

\u201cThe latest SHRM\/Globoforce survey shows a growing introspection among HR leaders. They know how critical HR strategies will be in 2012 and well into the future,\u201d said Mark Schmit, SHRM\u2019s vice president of research. \u201cBy taking the next step beyond simply talking about employee engagement and proactively addressing it with tools like employee recognition, HR leaders will have greater success in elevating all key HR metrics.\u201d<\/p>\n

Among the 770 HR leaders who responded to the survey, key insights include:<\/p>\n

Employee engagement is the top HR challenge but underutilized<\/strong><\/p>\n

According to the survey, 94 percent of HR leaders say employee engagement is an important or very important workforce challenge they currently face. However, only 42 percent of respondents currently track employee engagement levels, missing an opportunity to address low engagement levels within the organization with targeted, proactive strategies. In fact, among companies that measure engagement (versus those that do not), HR leaders say:<\/p>\n