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Peer recognition is a vital part of growing a healthy business, especially one that is peer-driven. Today we'll be discussing what peer recognition is, the benefits that go hand-in-hand with employee recognition, and why you should implement a peer recognition program in your business.
Additionally, if you'd like to get a more broad look into this subject, feel free to take a look at our comprehensive guide to peer recognition.
Peer recognition is a simple way of encouraging employees to give each other praise and acknowledgment for work well done, and improve company culture as a result. If you're working in a team, an employee recognition program is often the most effective form of recognition given that is done within your peer group.
Common examples of peer recognition may include peer bonuses or awards, but can also be as simple as a pat on the back from a coworker - peer appreciation doesn't have to be difficult or expensive. Peer appreciation can even replace more formal rewards like bonuses.
Of course, peer recognition isn't just useful from a teamwork perspective - it has been scientifically proven to increase job satisfaction and improve workplace culture. It can be harder motivating yourself sometimes as we might not judge our performance as clearly as other people's which makes peer recognition more valuable. Some studies have shown that peer feedback can increase productivity by up to 20%. If you want to motivate and reward your staff this year, peer recognition may hold the answer.
Naturally, peer recognition is a great motivator and will help increase employee engagement and productivity in your company. It can also improve employee retention because peer recognition raises job satisfaction, which ultimately makes employees want to stay longer.
Peer recognition has been shown to have a long-term positive impact on businesses, including increased productivity and innovation within teams and peer groups because it demonstrates that even if you make mistakes, there are ways to improve. This is encouraging for everyone involved and helps to groom the business leaders of tomorrow. Finally, peer recognition allows employees who may not see each other often or speak much daily to have a positive experience together, which has a positive impact on company culture.
By using peer recognition, a business acknowledges the value of all team members. This helps everyone feel valued and appreciated which can increase employee morale, something directly related to productivity so peer recognition has some impressive results!
As peer recognition also increases motivation it reduces employee turnover costs and saves time on recruitment costs and training replacement workers. It also speeds up company growth as motivated employees are more likely to do great work and generate new ideas for a business. Calculate how much peer recognition can save you on employee turnover costs.
If you got any sort of value from this article, then consider trying out Matter, a free Slack or Microsoft Teams app that promotes peer recognition, constructive feedback, and a positive work environment.