Leaders within financial services need to revisit how they appreciate and recognise the efforts and achievements of their employees following latest research which reveals shortcomings in recognition initiatives. Despite 71 per cent of financial services employees believing that recognition is a part of their company’s everyday culture, just 19 per cent state that they’ve been recognised at work within the past three months. Plus, when recognition is given, 45 per cent say that it’s done in a way that makes them feel uncomfortable. These are the findings from O.C. Tanner’s 2024 Global Culture Report which have been released to coincide with Employee Appreciation Day (1 March 2024).
“Showing regular recognition for efforts, results and career milestones is key for engaging and retaining your people” says Robert Ordever, European MD of employee recognition specialist, O.C. Tanner. “However, recognition must be done well and this means giving it frequently and appreciating everyone across the organisation, not just the high-fliers. It’s also key to understand how individuals want to be appreciated rather than using a ‘one size fits all’ approach that could leave some employees feeling awkward and embarrassed.”
The importance of appreciating employees’ smaller, everyday efforts as well as their larger accomplishments is also highlighted by the Report, with 62 per cent of financial services employees admitting that their leaders only ever recognise their largest efforts. This is despite 72 per cent stating that their organisation continually implements new programmes and technologies to recognise great work.
Ordever comments, “The most effective recognition programmes regularly appreciate employees’ small efforts and accomplishments as well as their big wins. From thanking an employee for putting extra effort into a project through to calling-out an individual’s great attitude during a team meeting, recognition must become second nature – frequently given and received by senior leaders, managers and peers.”
Ordever adds, “Employee Appreciation Day needs to act as a reminder to financial services leaders of the importance of recognising and appreciating their people in the right way. By putting recognition at the heart of the organisation, employees feel valued, a strong sense of community and highly motivated to perform their best work.”
About OC Tanner’s 2024 Global Culture Report
O.C. Tanner’s 2024 Global Culture Report is based on data and insights from more than 42,000 employees, leaders, HR practitioners, and executives from 27 countries worldwide including 1,682 from the financial services sector.
