Globoforce (www.globoforce.com), the world’s leading provider of employee recognition solutions, announced the results of its first UK Workforce Mood Tracker. According to the survey, 64 percent of UK workers would leave their job for a company that clearly recognised contributions. Another 90 percent of respondents said employee recognition motivates them to do a better job.
The 2012 Globoforce UK Workforce Mood Tracker*, a follow-on to Globoforce’s U.S. Workforce Mood Tracker, provides key insights into the pulse of the UK workforce, including attitudes and perspectives on employee engagement, recognition, and reward. The inaugural survey highlights the seriousness with which British workers regard recognition as a motivator. 86 percent of UK workers said they like to have their efforts/contributions at work recognised; however, 37 percent of respondents are dissatisfied with the level of recognition they receive for doing a good job.
Additional findings from the survey demonstrate an opportunity for organisations to elevate employee performance and minimise potential risks to the business. In fact, survey results indicate a direct correlation between recognition frequency and several key HR metrics. Of those respondents who have been recognised in the past month versus those who have never been recognised in their job, the survey finds:
- 70 percent feel appreciated at their job, compared to 11 percent of those never recognised.
- 35 percent plan to search for a new job, compared to 44 percent of those who have never been recognised.
- 60 percent are satisfied with the level of recognition they receive, compared to 7 percent of those never recognised.
“This survey shows a healthy appetite for new recognition strategies and reward schemes within UK organisations today,” said Derek Irvine, vice president of client strategy and consulting, Globoforce. “Some organisations are doing this well; however, it would appear more needs to be done to truly engage and reward employees, particularly in this tough economic climate. The lesson here is clear – frequent and appropriate recognition of employees’ everyday accomplishments is a key way to foster a more dedicated and productive workforce.”
Employees benefit more from regular performance reviews
The Globoforce UK Workforce Mood Tracker also addresses the topic of performance reviews and appraisals within organisations today. Whilst the majority of respondents indicate they are happy with their current annual review, 20 percent would like to move to a system of ongoing and more regular feedback.
Additional results find that:
- 58 percent of respondents think annual performance reviews are not an accurate appraisal of the work they do, indicating recognition moments are being lost.
- Nearly a quarter of respondents do not get constructive feedback throughout the year.
Frustration around executive bonuses is high
The Globoforce UK Workforce Mood Tracker survey also reveals the effect of the current economic climate on workforces in the UK. With widespread redundancies and salaries being cut, only 6 percent of respondents believe their organisation improved how they motivate and engage employees throughout the downturn. Another 51 percent of employees feel these elements had declined.
These findings hold even greater significance in light of recent headlines revealing the bonuses paid to senior executives. As the survey reveals:
- 87 percent of respondents believe the money spent on large executive bonuses could be better spent elsewhere in the business. When asked how they would spend this money, 35 percent call for an employee recognition programme.
- The negativity towards the impact of bonuses also extends to the employees themselves, as nearly half of UK employees said they would prefer more frequent recognition than a yearly bonus.