There has been a drastic change in the employee recognition programs in the last few years. This shift involves an understanding of how vital it is to retain the best-performing employees and how to re-engineer employee recognition as a core function for business.
But what is the cause of this change? According to various studies, firms suggest that including strategic recognition in their strategic plan shows improvement in customer service, retention, productivity, morale, and engagement.
Mentioned below are a few ways in which aspiring organizations are harnessing employee recognition and engagement this year to make an impact on the business outcomes.
Regular feedback instead of annual reviews
Annual performance reviews are becoming quite obsolete. People are unable to wait for the whole year to know how they have been performing. This is understandable since the current generation has grown up in a world of instant responses, constant feedback, and online conversations.
It is only natural to expect this in a workplace as well. Various organizations have realized this already and are working on it because they know that they might just end up losing valuable assets.
No more top-down recognition
Apart from expecting regular feedback, individuals of the current era also expect to receive the feedback through an ongoing mutual conversation instead of the traditional top-down hierarchy-led processes used previously.
Some firms have worked to make a culture of recognition. Of course, manager input is the most important; however, peer-to-peer recognition also has a vital role in helping the employees to feel connected and valued by the company.
Integration with human capital management strategies
A brand new strategic value is being placed on motivating the team and also to identify the kinds of behavior that leads to success. Moreover, the recognition programs are coaching opportunities that can reinforce the employee behavior that the company desires. As a result, the company can provide better customer experiences and have longer-lasting consumer loyalty along with effective sales.
Individuals are in search of cultures of recognition
Finding qualified individuals has become a competition. It is clear that people looking for a job respond much more enthusiastically and favorably to those businesses that keep on promoting cultures of recognition. Business environments where innovation is valued and strategic thinking and people development is present attract better and highly-qualified employees.
Incorrect organizational structure
A majority of firms think that they are not organized in the correct manner. In fact, many have started to move away from the traditional hierarchical, top-down structure and have instead moved to lattice type or horizontal structure.
A hierarchical structure is able to create individual teams for efficiency that is scalable, however since innovation has changed the quantity and speed of competition, such factors are not the most suitable for today’s markets. You can scale the whole department with a hierarchical structure and then supplant the product offering by a competitor.
Such shifts have a positive impact on employee engagement since it allows people to become more effective in their job and lets them see the impact that their contributions have made. It is common knowledge that seeing your own contributions work successfully motivates a person. As a result, morale and job satisfaction soars.
Employees are better able to voice their opinions
The customer’s voice and engagement have been the focal point of organizations for the longest. However, businesses have now started to realize that the needs of a consumer can only be made once employee satisfaction is built and nurtured. How can this happen? Only by listening to what their employees have to say.
Personal skill development are crucial
Apart from the development of job skills, the employees have also started demanded effectiveness and personal leadership development. Incorporating personal awareness and behavior modification with the traditional training can help employees to achieve the development goals they have set for themselves. As a result, there is increased satisfaction and employee engagement.
How important is Trust?
Almost all of the employees state that trusting the direct manager as compared to the company leadership is more important. Front-line managers have the biggest impact on the engagement and satisfaction of the employees. Therefore, it is vital to invest in training programs for employees other than those at the senior management level.
Make use of the employee engagement trends this year and see how they can help a business grow.