Organizations pay a high price when they involuntarily lose employees. There are the direct expenses, such as recruitment and training; indirect costs, such as decreased morale and the effect on discretionary effort – directly linked to customer satisfaction, loyalty, and to lost revenues; and opportunity costs, such as project delays resulting from the loss of employees and the knowledge they take with them. Recognition translates to retention and increased effort. Employees are less likely to look for greener pastures and more likely to give more when they feel valued.

Peer-To-Peer Recognition In Practice

One sure way to build engagement is to allow employees to congratulate each other publicly for a job well done. That’s what TD Canada Trust was thinking when it implemented a social recognition program it calls “WOW Moments" as part of its IBM Connections integration.

"WOW Moments" powered by TemboSocial's The Hive introduced an advanced level of dialog to the social environment provided by IBM Connections. Since 2009 TD employees have sent more than 319,000 WOW Moment stories to each other. Aside from the obvious success of the program as seen through the participation numbers, the benefit to TD goes much deeper. WOW moments tags each story with a corporate value and allows employees to browse and search stories by value, keyword, region, cost centre or by person. Wow Moments has become a go to place for recognition but also for finding the right people with the right peer validated skills who can help you do your job better and easier. 

Learn how TD Bank leveraged social recognition.