Sometimes also called informal recognition, peer-to-peer recognition is the act of coworkers recognizing one another for doing great work. This includes things like having a team lunch or outing together, giving someone a spot on the company softball team, or taking time out of your day to say thank you and tell someone what they did well.
Why is peer recognition important?
The more we work with people we don't know very well, the harder it can be to build strong relationships. Getting through that initial barrier of getting to know one another and why we do what we do and why they do what they do can be difficult. But once those relationships are built, the benefits are immeasurable! But how does this form of social recognition play into relationship building?
Today we'll go over various reasons as to why peer-to-peer recognition is so important for businesses. And if you'd like to see a more comprehensive guide to peer recognition, feel free to take a look at the guide that we made on the subject.
It boosts work relationships
When we get to know the people that work around us, it builds stronger relationships. Not only does this make it easier for us to talk to one another and get along, but there are scientific studies out there that suggest why getting through the initial barrier is important.
First of all, did you know that peer recognition has been shown in some scientific studies to make our brains release oxytocin? Oxytocin is a hormone that helps with social bonding between individuals or groups. It's why sometimes when we spend time with someone new, they feel like an old friend after just a short conversation. Through easy conversation topics, sharing small bits about ourselves can cause our brains to release oxytocin, which means we're more likely to trust the person we talked to.
In addition, studies show that through our conversations and getting to know someone new, we forge a connection and can often even feel an emotional bond with them. While this may seem silly or strange at first, why wouldn't we want to come to work each day and have an easy time talking about anything? And why would we not want to build bonds with those around us who are doing great work every day? If this is something you worry about in your company culture, peer-to-peer recognition is a simple solution without adding formal rewards programs or additional costs! Plus it's fun for everyone involved!
It improves employees' self-esteem and confidence
When we get the chance to recognize those around us for their hard work and efforts, it can make a world of difference. Research suggests that employee recognition is positively associated with employees' self-esteem and confidence which means that if you want to build stronger teams, this might be a simple solution! Positive effects of high employee self-esteem include higher team spirit, better employee performance, and reduced employee turnover costs.
It makes your team stronger overall
Studies show that employees who receive frequent recognition and appreciation from the people they work with are more likely to be productive, have increased self-esteem, have better relationships, and overall have stronger morale.
Many companies are switching to peer-to-peer recognition. Why should you hire managers to oversee the work that other employees do when they could simply implement a peer recognition program? An employee recognition program has no additional costs, helps to raise team spirit, and puts a strong emphasis on employee appreciation.
One thing that you might want to consider is to take some time out of your day and let someone know that they're doing great work. Offering meaningful recognition to a fellow employee can do wonders with boosting employee happiness, and can have a positive impact on your organization's employee experience as a whole.
Business will thrive
There are so many benefits to peer-to-peer recognition. Not only does it strengthen your company culture, but it also raises both employee motivation and employee engagement which allows businesses to thrive.
Peer feedback and recognition make for a more engaged employee, allow them to more easily perform good work, and consequently earn more money for a business. Essentially, it's a win-win. With all of these benefits, it's clear that peer recognition is incredibly important and should be prioritized by all businesses.
Matter is a Slack app that makes it easier than ever for remote teams to offer peer-to-peer, and offer constructive feedback. It's completely free and is available today to try. You might want to consider checking it out if you're looking to implement a peer recognition platform into your business.
