Three-quarters (73%) of employees say that recognition motivates them to do a better job, research finds.
According to the second annual Globoforce UK Workforce Mood Tracker of 1,000 employees, recognition was was the most important part of a job to one-fifth of respondents - who ranked it higher than job title. Over three-quarters (77%) said they liked to have their efforts at work recognised.
Further findings revealed that failure to show appreciation for employees' hard work could have a negative impact on employee motivation and retention with 29% of workers saying they had left a job because they were not recognised for the work they do. Over four in 10 (42%) stated they were looking for a new job due to a lack of recognition in their current role.
Earlier this month, research revealed that recognition was the top engagement driver for HR directors, while further research published in August found that being thanked was the second most valued benefit by employees after a pay rise.
Employees' antipathy towards executive bonuses also appeared to remain strong, with 81% of respondents saying that recognition and reward should be distributed more fairly through organisations, instead of being confined to senior executives. Employees demonstrated a preference over a frequent recognition (45%) versus a yearly bonus.
Annual performance reviews were also found to be failing to sufficiently engage with UK employees.
Two-thirds (66%) of UK workers did not believe that yearly performance reviews were an accurate appraisal of their work, with more than three-quarters placing greater value on their colleagues' opinion as opposed to managerial feedback alone.
Over four in ten (44%) employees felt that annual performance reviews failed to motivate them, while two-thirds (65%) actively disliked the process.
When questioned about the potential of adding crowdsourced data to the review process, almost half (47%) believe a more accurate picture of performance would result.
Globoforce client strategy and consulting vice president Derek Irvine said: "The survey shows that traditional performance reviews are failing to depict a true picture of performance. The opportunity exists for employers to incorporate more collaborative ways to acknowledge workers' efforts. Crowdsourcing provides employees with feedback that is much more accurate, and is an approach workers are prepared to embrace."
