The Global Workforce Mood Tracker is a brand new global survey that will focus on the pulse of U.S. workers on a semi-annual basis. Launched by Globoforce, a leading provider of global, strategic employee recognition solutions, the program looks at employee attitudes and viewpoint on employee satisfaction, appreciation, and recognition, and how those attitudes relate to employee productivity.
Its first survey was conducted January 7-8, 2011 by independent market research firm MarketTools, Inc. and found that employee engagement levels are varied. The majority of the respondents are not completely engaged in the workplace, with only 33 percent feeling strongly engaged.
According to another study by Blessing White, low employee engagement levels have the potential to cause a 32 percent decline in productivity. A study from Towers Watson demonstrated that strong employee engagement levels can produce a 19 percent boost in productivity.
The studies show a clear-cut connection between positive engagement and business productivity. The studies also show U.S. employers are lacking in providing effective employee recognition strategies that translate into employee satisfaction.
Other statistics from the Global Tracker study found:
- Sixty-eight percent of U.S. workers feel they are appreciated by employers.
- Forty-one percent of the employees feel dissatisfied with their companies’ current level of employee appreciation.
- Forty-three percent of the participants had not been recognized for their efforts within the prior three months.
- Fifty-five percent feel their work performance is not adequately rewarded.
- Eight-five percent of the workers have a desire to be recognized for their work efforts.
- Thirty-three percent state the majority of managers are not effectively recognizing their efforts.
- Thirty-six percent of the participants will be looking for new employment in 2011.
In a statement, chief executive officer of Globoforce Eric Mosley explained, "The findings of our first report are concerning, as U.S. workers’ motivational detachment and overall malaise are bringing to light a critical disconnect between rewards and performance."
Mosley added that the connection between ‘performance and rewards’ needs to be set. It’s up to employers to “take an active role in understanding … recognition in their organization.” Taking this approach and initiating incentives that are in line with a company’s objectives and values will enhance employee loyalty and boost employee retention rates.
With job opportunities opening up, and 36 percent of employees thinking of seeking new employment in 2011, the time is now for businesses to step-up-to-the-plate and initiate or revamp existing recognition incentives to coincide with employee expectations.