It is not very unusual for organizations to suffer from poor rates of employee engagement, however, it depends upon the organization solely whether they do something to better the situation or not. It does not even require a lot of money spending to solve the problem. A far more effective solution to the problem can be to recognize and reward your employees through other avenues.
A few of the personalized rewards that are guaranteed to make your employees feel valued may be to personally thank them for their efforts or even have an internal announcement in front of other employees by appreciating and complementing their efforts. Keep reading this article to find out how you can improve your employee engagement with the help of a good recognition and rewards system!
1. What Are the Reasons That Your Employees Are Failing To Be More Engaged In the Organization –
According to a recent survey conducted by Gallup, an approximate cost of 450 to 550 billion USD is lost in productivity due to disinterested and unengaged employees alone in the US every year. Bad employment engagement rates have taken the form of a serious issue, but far too many organizations have failed to provide an effective remedy to this problem.
So, the burning question that needs to be asked in the immediate hour is – what is the reason that employees feel disengaged at work, and what are the ways through which you can encourage them to feel more enthusiastic and connected to their workplace. While there are surely a number of ways to achieve this, one of the most effective strategies that are unfortunately often overlooked is the reward and recognition system.
2. What Is the Impact of the Reward And Recognition System On Workplace Satisfaction –
One of the most prominent reasons behind a worker’s failure to engage at work lies in the two key motivators – rewards and recognition. According to a recent survey conducted by bamboo hr, there is a strong connection between how satisfied an employee feels at his work and recognition of his work. As a matter of fact, up to 83% of employees that are engaged with a company that has an ongoing recognition program at the place stated that they feel content and happy with their jobs.
While a monetary reward took place as the winning stimulus, employees also stated that they feel valued by alternatives like –
- An in-person recognition of his efforts by a peer or a manager,
- A team-wide email that has been sent throughout the company recognizing the individual’s efforts,
- a job position or title promotion,
- different types of monetary bonuses such as a raise or increment,
- And even a few extra vacation days!
3. What Are the Benefits Of Using The Reward And Recognition System –
If your organization has a high employee turnover rate, then it can get very expensive for you, at a rather fast pace. One of the biggest benefits of a good reward and recognition program is that it increases the loyalty of your employees. A few of the other benefits also include –
- It Increases Your Employee’s Productivity – Many surveys have proven that when the success of your employees is recognized and rewarded, whether verbally or with an actual gift, they feel more engaged at their work. If there is a team of workers who have been trying their best to reach goals and to be more productive overall, they will automatically become more efficient with the way that they manage their time and energy to reach those goals and be appreciated for their efforts.
- Employees That You Appreciate Their Efforts – A huge mistake that a number of companies make which leads to a decrease in employee engagement is that they do not show the teams that they appreciate the efforts and labor that they have put into the company. When you recognize and appreciate their good behavior and wins, you are sending a transparent and direct message that what they do matters, to both you as well as the company as a whole.
- It Leads To Higher Engagement Rates – Recent surveys have shown that organizations that have used an effective recognition and rewards strategy are 48% more likely to have greater employee engagement rates. But you must also keep in mind that the timeliness of your recognition system is very important. You need to appreciate the efforts of your employees as soon as possible to get the very best results.
- It Motivates Your Employees To Develop New Skills – It takes a lot of time as well as effort to develop a new skill set. A recent survey by right.com Stated that up to 53% of employees need respect for their experience and knowledge by their leaders in order to develop a new skill set. So, if you are going to implement an efficient employee recognition and reward system, you are going to make sure that the leaders are able to be more appreciative towards their employees for their abilities. This will increase their motivation to develop the skills even further.
- It Encourages Friendly Competitions Between The Employees – An efficient employee rewards and recognition program will always support feelings of healthy and friendly rivalry between colleagues. When the employees are trying to compare their performance with each other and striving to do better to gain that reward, it will automatically benefit the company every time. Even if they fail to get the reward at first, they will try to aspire to do better the next time.
- It Helps To Increase Employee Retention In The Company – If your workers feel satisfied and engaged working in the organization they are more likely to stick around and not look for better opportunities. A recent survey that was conducted with HR professionals reported that up to 68% of them feel that a proper employee reward and recognition program has an immensely positive impact on the rates of employee retention.
A happy employee base is a happy workplace. So if you want to keep your employees more engaged at work, you might want to incorporate a good reward and recognition program.
About the Author: Advantage Club
Advantage Club is a global provider of employee benefits. The platform serves to digitize all employee demands under one canopy through numerous employee engagement programs such as incentives, rewards & recognition, flexible and tax-saving modules. It now serves over 300 organizations in 70 countries and has over 10,000 brand partnerships.