DUBLIN, Ireland & SOUTHBOROUGH, Mass.--(Globoforce® (www.globoforce.com), the world’s leading provider of employee recognition solutions, today announced the results of its first UK Workforce Mood Tracker™. According to the survey, 64 per cent of UK workers would leave their job for a company that clearly recognised contributions. Another 90 per cent of respondents said employee recognition motivates them to do a better job.)--
“This survey shows a healthy appetite for new recognition strategies and reward schemes within UK organisations today”
The 2012 Globoforce UK Workforce Mood Tracker*, a follow-on to Globoforce’s U.S. Workforce Mood Tracker, provides key insights into the current 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. Eighty-six per cent of UK workers said they like to have their efforts/contributions at work recognised; however, 37 per cent 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:
- Seventy per cent feel appreciated at their job, compared to 11 per cent of those never recognised.
- Thirty-five per cent plan to search for a new job compared to 44 per cent of those who have never been recognised.
- Sixty per cent are satisfied with the level of recognition they receive compared to seven per cent 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 per cent would like to move to a system of ongoing and more regular feedback.
Additional results find that:
- Fifty-eight per cent of respondents think annual performance reviews aren’t 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 six per cent of respondents believe their organisation improved how they motivate and engage employees throughout the downturn. Another 51 per cent 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:
- Eighty-seven per cent 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 per cent 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’d prefer more frequent recognition than a yearly bonus.
*Notes to editors
The Globoforce UK Workforce Mood Tracker study was commissioned by Globoforce and conducted on March 5, 2012, by independent market research firm One Poll, through an online panel of fully employed persons (age 18 or older) at companies with 500+ employees in the United Kingdom. Responses came from a wide range of industries, including Education, Financial Services, Government, Healthcare, Hospitality, IT/Tech, Professional Services, Retail, and Utilities. There were 1,000 responses generated for the survey, resulting in a margin of error of +/- 3.9 percentage points at the 95 per cent level of confidence.
Founded in 1999, Globoforce is the world’s leading provider of employee recognition solutions. Through its social, mobile, and global technology, Globoforce helps HR and business leaders elevate employee engagement, increase employee retention, manage company culture, and discover actionable insight about their talent. Today, employees across the world are living their company values and achieving peak performance through the SaaS-based Globoforce platform. A private corporation, Globoforce is co-headquartered in Southborough, Massachusetts, and Dublin, Ireland.
To learn more:
- Visit: http://www.globoforce.com
- Read: http://globoforce.com/globoblog