How Businesses Can Create Reward and Recognition Schemes that Work

78% of employees say they would work harder if they were better recognized at work. Which is why retaining good employees with robust reward and recognition schemes has never been more critical. What people really want is visible, collective and collaborative recognition, over accruing material possessions or monetary gains.

A valued workforce is a productive workforce. And supporting employees not only heightens their confidence, it encourages creativity, promotes innovation and keeps your bottom-line figures fit and healthy.

Move with the times and nurture innovation

Generations past might have found contentment following a career in a single company and moving up or across a hierarchal structure throughout their working life. But times have changed. The job market today leaves little sentiment for settling or holding out for brighter days in an uninspiring, slow-moving workplace. So, it’s vital to lay the foundations now, if you haven’t already, to streamline productivity, reduce staff turnover and most importantly, make people happier at work.

Without innovators and future leaders who can help simplify business models and procedures, how can you flourish without your greatest asset? AI and machine learning may be evolving business landscapes at a steady rate in the digital age, but original, human inventiveness simply cannot be matched by systems designed to mimic humans.

Reduce recruitment and training costs

There’s a clear correlation between employee engagement and performance. Gallup research shows that workers in the top half of an employee engagement study almost doubled their performance in comparison to those in the bottom half. Feeling unappreciated is one of the main reasons people hand in their resignation. This can have damning effects to the atmosphere and morale in the workplace. Companies that recognize and reward exceptional accomplishment and behavior on average experience 31% less employee churn across their workforce. With interviews, advertising, training and other overheads that can eat away into profits, costs associated with finding new replacements can grow faster than you can imagine.

Implement a reward and recognition solution

Explore implementing a robust, personalized reward and recognition business suite that offers a range of different ways to recognize success. Set milestones and realistic goals that align to business objectives, personal targets and HR budgets. From employee anniversaries to long service awards, tailored reward solutions are simple to implement, easy to manage and measure data in real time.

Feed back and align goals

Simply using ‘good job’ as a go-to certainly feels nice. But, what does it really tell someone? Avoid all assumptions and define the circumstance. Describe their behavior. Share why their action or conduct had a positive impact. And if possible, make suggestions for further development. Really find out what’s working, what isn’t and identify opportunities for improvement. 

Highlight them regularly

Recognition knows no calendar or magic Outlook reminder system. Outlining when to give praise may seem like a straightforward question, but it really doesn’t have a single, straight answer. No matter how great or small successes and achievements may be, it’s fundamental to capture every win regularly. Highlight them in meetings, catch-ups, company updates and any other internal communication channels.

Encourage real-time peer-to-peer gratitude

Leadership-led recognition is essential. But, if you can create a culture of gratitude and improve collaboration among your peers, it’s 36% more likely to impact financial results than just manager-led recognition alone.

Get social

In a connected world, it has never been easier to celebrate successes across the organization and beyond. Shining the spotlight on one or more people across social media not only enhances your reputation for HR excellence, it demonstrates that great work goes much further than a simple tap on the back or an e-mail of appreciation.

Attract new talent

Sharing success over social media can also make employing exceptional people in the future easier. It showcases company culture and how hard work is recognized. This exposure can have enormous influence over where an applicant might apply to and even put deciding factors like job title and salary package, lower down the priority list.