Most organizations understand that recognition matters to drive business performance, yet only 33 per cent report having very effective reward and recognition programs, according to a new survey by Harvard Business Review Analytic Services and Achievers Solutions Inc.

The survey, which polled more than 560 members of the Harvard Business Review, found organizations with highly effective recognition programs were more than three times as likely to report better innovation and problem-solving (42 per cent versus 13 per cent).

The majority (89 per cent) of organizations with highly effective programs said employees can expect frequent, meaningful feedback for a job well done, compared with 35 per cent of those falling behind. Indeed, frequency is one of the main things that connects recognition and performance, says Hannah Yardley, chief people and culture officer at Achievers.

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