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When it comes to knowledge about an employee’s day-to-day behaviors and commitment to the company’s core values, nobody knows more than the employee’s peers! Many companies are taking advantage of this fact by implementing peer-to-peer recognition programs.
Coworkers are on the front lines when it comes to observing and recognizing top performance on a daily basis. Managers, especially those responsible for multiple offices, may miss the extra effort an employee puts in.
Peer recognition programs have become a popular answer to low pay increases in a poor economy. Recognizing an individual’s, or team’s, effort is a cost-effective way to boost worker morale, especially where fewer employees must perform more duties. The recognition programs also assist managers by filling the gap between yearly reviews, helping employees stay motivated.
Study uncovers rising trend
In a recent Towers Watson study, the consulting firm found that 35 percent of U.S. respondents and 26 percent of global respondents reported having ‘social recognition’ programs that allow employees in non-managerial or nonsupervisory roles to give recognition to employees.
Of the over 1,600 financially high-performing companies in the study:
• 40 percent had social recognition programs compared to 25 percent of financially low-performing companies.
• Most companies using peer-to-peer recognition programs work with specialized social media-like software to keep the entire workforce connected. To prevent abuse, all programs receive guidelines and monitoring.
EctoHR, Inc. is here for your company Looking for advice on creating a peer-to-peer recognition program at your company? Contact a team member at EctoHR by calling 810.534.0170, or by email to firstname.lastname@example.org.