45 per cent of financial services professionals admit that the recognition they receive at work feels like an empty gesture and is not meaningful. This is despite 81 per cent stating that their leaders acknowledge the great work they do.
These findings from O.C. Tanner’s 2023 Global Culture Report, which involved in-depth research with 36,000 employees, leaders, HR practitioners, and business executives, including 1,527 from the financial services sector, have been released to coincide with Employee Appreciation Day (3 March 2023).
“The majority of leaders are realising the importance of appreciating their people”, says Robert Ordever, European MD of staff recognition specialist, O.C. Tanner. “However both managers and employees must consider how to appreciate others effectively. Recognising staff in a way that’s impersonal and inauthentic can have the opposite effect to what was intended, causing employees to feel invisible and dejected.”
O.C. Tanner recommends a recognition programme that champions regular organisation-wide appreciation for effort, accomplishments and career milestones. And both leaders and peers must be encouraged to give recognition in a way that’s personal and sincere.
Ordever says, “For recognition to come across as genuine and meaningful, it can’t be an afterthought but must be given with intent, with the recognition giver shining a light on the individual’s achievements. Giving appreciation publicly in front of leaders and peers also elevates the moment, making it truly memorable.”
The Report reveals that 72 per cent of financial services professionals believe that staff recognition is an integrated part of their organisation’s culture. The remaining 28 per cent either say that it’s not integrated or aren’t sure whether it is or not!
Ordever adds, “The holy grail of recognition is to have it integrated into everyday workplace culture so that the natural response to someone going ‘above and beyond’ is to recognise them. Organisations with highly integrated recognition regularly display great work. They also enjoy high levels of engagement, low attrition, and 80 per cent fewer cases of burnout.”
