Every industry is different, which means building culture, managing employees and bringing out the best in your employees looks different for each industry. Implementing employee recognition effectively in your industry is no different.
In today’s post, we’ll talk about recognition in the technology industry. For our purposes, when we say tech industry, we’re talking more about the software side of things. For the manufacturing side, we already have a post discussing recognition in manufacturing. For distribution and other frontline positions, we have a post for that, too!
But let’s get back to the tech industry with some information and statistics to give you an idea of the state of the industry:
- 67% of employees in the tech industry work remotely all or some of the time
- Employment in the tech industry is steadily growing by around 3% each year
- Turnover in the tech industry is one of the highest at 12.9%
- 62% of tech workers feel emotionally and physically drained
Technology is a growing, competitive industry, where employees aren’t afraid to leave a position to search for greener pastures. Recognition can be the key to engaging and retaining your tech employees, but only if you do it right.
Benefits of Recognition for the Tech Industry
Employee recognition can transform your tech company from a hustle culture ripe with burnout to a self-sufficient culture of appreciation and productivity. Check out some of these amazing benefits of recognition:
- Lowers voluntary turnover by 31%
- Increases productivity and performance by 14%
- Increases employee loyalty by 3X
- Raises the chances of employee engagement by 4X
One more stat puts it all into perspective: the highest performing companies are 10X more likely to prioritise employee recognition than their low-performing peers. Recognition is a key motivator that leads to higher performance—it’s that simple.
