84% organizations globally notice the importance of employee appreciation. While salary and benefits are essential, studies have found that recognition, regardless of its source, plays a significant role in employee engagement and retention. An intriguing aspect of this appreciation culture are peer-to-peer recognition points (PRP), a system that allows employees to acknowledge one another's efforts through points or virtual tokens.
Research shows that companies employing peer recognition strategies witness higher engagement and lower voluntary turnover rates. Implementations like University of Southern California’s medical enterprise "Bucks and Points" and the University of British Columbia's "Applause" have demonstrated increased engagement by 16% and 23%, respectively. PRPs operate through periodical allocation of points that can be transferred among peers for specific achievements and later exchanged for physical awards, like Amazon vouchers.
With various platforms like Kudos, TerryBerry, and Applauz embracing this concept, PRPs offer a promising avenue for enhancing workplace collaboration, satisfaction, and motivation while addressing the growing demand for more genuine recognition.
We have a lot arguments in favor of PRPs. Now we are looking for arguments against it.
