People work for money but go the extra mile for recognition, praise and rewards. – Dale Carnegie, leadership training guru
In the last two decades, rewards and recognition has been the driving force behind major companies’ success in delivering near- perfect employee experience.
In a nutshell, rewards and recognition is the appropriate acknowledgement, appreciation and incentivization of an employees’ effort in a timely manner. It’s a time of war over talents out there.
To acquire and retain the top performers, you must build a workplace culture where employee recognition is the everyday norm.
As companies struggle to find a way to deal with the global economic slowdown, the simple act of recognising an employee in a meaningful and memorable way is the missing link that can transform the productivity levels, lower employee turnover, and create a sense of belonging to the company.
Top challenges in rewards & recognition
Personalizing employee recognition.
Instant communication of employee recognition.
Employee recognition is not visible across the company.
Employee recognition is inconsistent.
Misperceiving employee recognition to be expensive.
The ROI of employee recognition is hard to measure.
Changing role of human resource management
The human resources management department is responsible for all processes that revolve in and around the people of the organisation. Right from attracting candidates, hiring and recruitment to enhancing employee experience to their exit, all the events in the employee lifecycle fall under the umbrella of the hr department. They are also responsible for nurturing a good company culture and creating an overall safe and conducive work environment for the people.
Workplaces are going through a dynamic transformation. And with the changing scenario, hr functions are evolving massively. The need of the hour is to create a more employee-centric work environment where the needs of the employees are given special emphasis.
The entire job market scenario has changed over the last few years. The war for talent is real, and employees are now choosing their employers (not the other way round).
Not surprisingly, the current dominating forces (Millennial & Genzers) in the workforce are tough to please. They don’t see recognition as a special affair. In fact, they feel they are entitled to receive recognition for a job well done. Giving recognition in a manner that would appeal to them is a necessity to attract, retain and satisfy them.
We are building loyalty ecosystem
A business with a 60% customer retention rate is losing 3-4 times as many customers a business with 80% retention rates. Besides, increasing customer retention by just 5% boosts profits by 25 to 95%, according to the advisory firm Bain & Co.