Achievers, the world’s most utilized recognition and reward software, today revealed its first-ever suite of industry-specific recognition reports, revealing insights into employee sentiment across healthcare, financial services, professional services, and manufacturing. This launch follows the fifth iteration of Achievers Workforce Institute’s (AWI) annual State of Recognition Report, published in August.
The data reinforces the importance of a strong recognition strategy across all industries, as recognition, belonging, and trust are proven to be critical drivers of engagement and retention. The results show that all three are also in serious decline.
The Big Picture
- Recognition Frequency Drives Retention: According to the State of Recognition Report, employees recognized weekly are nine times more likely to feel belonging and six times more likely to see a long-term future at their company. Yet, in all four industries studied, under 20% of employees say their manager recognizes them regularly.
- The Majority of Managers are Mistrusted: Recognition from managers has the greatest impact when it comes to building engagement and loyalty, no matter the industry. While manager trust ranges from 23% to 33% across industries, low levels of frequent recognition prevent trust from translating into workplace longevity.
- Belonging and Emotional Salary Reduce Job Hunting: Achievers has long discussed emotional salary, or the non-monetary components of a job that contribute to employee satisfaction, such as cultural alignment, recognition, feedback, career progression, and relationships. These reports reaffirm that emotional salary still outweighs pay once basic needs are met, and employees with a stronger sense of belonging are significantly less likely to job hunt.
“Recognition isn’t just about boosting morale; it’s one of the most reliable predictors of retention and performance,” said David Bator, Managing Director of AWI. “As these reports suggest, this notion rings true across industries. When recognition is absent, turnover rises. The ROI of appreciation is undeniable, and leaders who prioritize it will set their organizations apart.”
Industry Breakdowns
The industries below are ranked by the urgency of addressing widespread under-recognition:
- Healthcare: Purpose Without Enough Appreciation
Healthcare is the largest industry for employment in the United States. Yet healthcare workers have long been chronically underappreciated, despite the criticality of their work. The report found that only 18% of healthcare workers feel meaningfully recognized, and just 11% say their manager recognizes them regularly. - Manufacturing: Reliable Teams, Recognition Gaps
Manufacturing professionals have long been known for their dependability. The data reinforces this, with the highest levels of manager trust across the surveyed industries, and 32% envisioning a long-term future at their current company. But, a mere 17% say they receive regular recognition from their managers, leaving engagement and retention vulnerable in an industry built on reliability. - Professional Services: Trusted Managers, Untapped Potential
Compared to other industries, employees in the professional services sector excel when it comes to manager trust. However, there’s still room for improvement, as only 15% of respondents say they receive consistent recognition. In professional services, leadership must prioritize recognition to bridge the gap between employee trust and loyalty. - Financial Services: High Performance, Low Recognition
Within the high-pressure financial services industry, productivity is critical. The good news is, productivity is strong compared to other industries, as 28% of employees report feeling highly productive and 29% say they feel like they belong at their organization. However, the recognition gap is still a worthwhile concern, as only 27% of respondents trust their manager, and only 28% see longevity at their current company.
The findings from all these reports underscore AWI’s core mission to provide science-backed insights that help leaders strengthen retention strategies in their specific industries. For actionable recommendations on closing recognition gaps, view the full reports here: Healthcare, Financial Services, Professional Services, and Manufacturing.
