Here are just a few of the reasons why recognition is so important:
The cost to replace a team member is high—especially in the healthcare sector. For example, the cost of turnover for a bedside RN ranges from $37,700 to $58,400 per team member, resulting in the average hospital losing between $5.2 and $8.1 million each year. While we all know that people want to be recognized for their work, it may be surprising to learn just how much it matters to team member retention. A full 43% of team members seeking a new job cite lack of recognition as a factor in leaving their old one.
Improve Customer Service.
Career satisfaction and customer satisfaction are closely related. A study in the May 2011 issue of AJN: American Journal of Nursing found that customers are more likely to express dissatisfaction at hospitals where the nurses report a high level of dissatisfaction. But it’s not just nurses who need to feel recognized. Most team members at North Memorial Clinics have the opportunity to interact directly with customers, from the doctors who treat them, to the administrative professionals who check them in, to the members of our cleaning staff who enter their rooms daily. The happier our team members are, the happier our customers will be, and recognition is an easy and effective way to improve morale. Acknowledging team members’ talents, skills, and efforts ensures they feel valued, motivates them to continue performing at a high level, and makes each of our clinics a better place—for team members and customers alike.
What’s the ROI for recognition? It’s higher than you might think. Companies with recognition programs enjoy 50% higher productivity and up to a 20% increase in business outcomes.
Get More Value for Less.
Recognition greatly improves career satisfaction, and it doesn’t have to be costly. Studies show that the overall return on cash rewards, such as gift cards or prizes, is half that of non-cash rewards. This means that if a hospital budgeted $5,000 for a cash rewards program, it would have the same effect as a non-cash recognition program budgeted at just $2,500.
Small Effort. Big Impact.
Implementing a recognition program doesn’t have to be difficult or time-consuming. Recognition Central makes it easy to get started, with a variety of free resources you can start using right now. It only takes a few minutes to say “thank you” or send an eCard—and it just might make someone else’s day.
12016 National Healthcare Retention & RN Staffing Report
2“33 Thoughtful Employee Recognition & Appreciation Ideas for 2018.” www.snacknation.com. Ashley Bell, August 07, 2017.