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5 Key Benefits of a Structured Team Recognition Program

By Ray Sclafani | April 8, 2022

“Don’t ask how we can motivate people. That’s the wrong question. Ask how we can provide the conditions within which people can motivate themselves.”     — Edward Deci, TEDxFlourCity 


It’s part of human nature—the desire to be recognized for our hard work and appreciated for our contributions.  Offering recognition also feels great for the individual giving it. It’s a way for your team members to acknowledge one another for going above and beyond; for pitching in and helping out with a particularly difficult client request or wealth management challenge; or for simply making what can be a sometimes stressful work environment more pleasant, collegial, and fun.

  • Are 12x more likely to have strong business outcomes.1

  • Experience 31% less turnover than firms without a formal program.1

Given the increasing importance of and challenges associated with retaining top-tier talent, now’s an opportune time to revisit your firm’s recognition program to seek out ways to strengthen it by establishing a more formal structure. Not only will it help bring out the best in your team, it can also serve to:

  • Raise the confidence level of team members—recognition has been proven to positively impact an individual’s confidence and put them in a position to be at their best. The simple process of reminding employees how much they mean to the team and the firm, can have a tremendous impact on the way they view themselves; replacing insecurity with confidence, and imbuing them with a greater willingness to take personal initiative.

  • Build greater trust, respect and interdependence—organizational psychologist, Wharton professor, and bestselling author Adam Grant is known for studying ‘the big benefits of a little thanks.’ Grant explains that if someone thanks you for your help, you’re twice as likely to help them again in the future, and more than twice as likely to help someone else. The nature of recognition is one that breeds greater cooperation, individual respect and stronger team bonds.

  • Establish a culture of gratitude—a study published in the Harvard Business Review found that more than a third (37%) of managers intentionally avoid showing gratitude to their employees.2 Yet time and again, it’s gratitude (not more money) which employees say they most desire in the workplace. Practicing gratitude and showing recognition doesn’t just benefit the giver and recipient—it positively impacts those who witness it; filtering throughout the organization and even out to clients, vendors and centers of influence. What’s more, gratitude builds optimism which fosters resiliency when faced with adversity.

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As the competition for elite talent continues to escalate, how you tangibly demonstrate that yours is an organization that truly values each individual team member, has become more critical than ever.

Encouraging and empowering your team to recognize the contributions of each other creates a powerful culture of appreciation and establishes the framework for a stronger, happier interdependent team who feel connected to one another.

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Sources
1 “The Importance of Employee Recognition: Statistics and Research,” Quantum Workplace, June 2021
2 “Why Do So Many Managers Avoid Giving Praise?,” Harvard Business Review, May 2017

Topics: Team Recognition

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