Social recognition or perks: Which is a better incentive in the workplace?
Colleen Burns 120000C4RP firstname.lastname@example.org | | Tags:  social-business social_recognition david_bator collaboration tembosocial
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Do perks and monetary rewards buy happiness in the workplace? You might be surprised to find out that these incentives have a weak exchange rate with today's knowledge worker. In fact, these types of rewards, according to the Harvard Business Review, don't necessarily excite people to work smart or harder, but instead can create a culture of entitlement. So what do employees respond to? Social recognition.
Social recognition is a way for employees to create meaningful relationships with each other by calling out their achievements through social tools. By empowering employees to celebrate the daily successes and behaviors that improve the workplace experience, you are also giving them an opportunity to shape the corporate culture and build a personal legacy for themselves.
While many organizations continue to rely on monetary rewards and points-based systems to motivate employees, my team at SocialTembo has found that non-monetary, peer-to-peer employee recognition not only costs less in the short term, but pays off significantly in the long run. TD Bank would agree. They created an internal social networking program called “Wow Moments.” They found that allowing employees to recognize each other helped make a large, diverse employee community seem much smaller.
The right social recognition program can create a powerful ripple effect in your company. Here are three significant ways that social recognition pays:
According to TD, ‘Our employees are finding that things are not so very different in various corners of the country. We have the same challenges and the same opportunities.’ Have you had similar experiences in your company? I'd be interested in hearing if social recognition is making a difference in your workplace.
I would encourage you to read our white paper "Social Recognition Programs - Why They Matter"