Organizations are finding value in recognizing the contributions of workers.
Attracting and keeping top talent is an important step in building a successful company, and many organizations are finding value in recognizing the contributions of workers.
Employee recognition programs have become a central part of the culture in many workplaces. By acknowledging employee success, businesses are able to keep staff actively engaged and satisfied which can increase overall productivity.
Company environment can greatly impact the design of incentive programs, by determining what behaviors to reward, and what those rewards will be, to create a unique initiative. Companies typically design their total rewards plans to attract, motivate and retain employees. While these plans often include bonuses, aligned with compensation, many firms find additional success using non-cash rewards as part of their overall strategies.
A survey by Aon Hewett found that 65 percent of organizations saw motivating employees as their primary obstacle to enacting cultural change within the workplace. Using unique rewards allows businesses to tailor the program to their culture, budget or specific performance. This can provide additional incentive for staff as the reward feels more personal. Younger workers tend to value benefits and personalized rewards incentives more than older staff.
Non-cash rewards can include merchandise,trips, or extra time off. They also provide more possibilities to find the right reward to fit with the culture of the group. These rewards do not have to be large or expensive, enabling the firm to save money while creating value for employees.
Small incentives throughout the year can lead to greater motivation for groups or departments. Team leaders that routinely offer rewards for performance could see strong improvement in team members and create a culture that actively engages employees. Building the right culture can provide companies with the tools needed to keep talented workers.