When companies fail to engage employees, they often struggle to maintain their positions in an increasingly competitive global economy.
When companies fail to engage employees, they often struggle to maintain their positions in an increasingly competitive global economy. In all, low employee engagement costs the U.S. economy approximately $370 billion a year, according to a recent Gallup poll.
The same poll found that organizations with high levels of employee engagement doubled their odds of success. Engaged workers are motivated and enthusiastic about their jobs, generating a number of benefits for their employers. The Gallup poll found that companies with high engagement levels had lower absenteeism, turnover and safety violations along with higher productivity and customer satisfaction.
Fortunately, there are steps that organizations can take to create high-performance company cultures. Reward and recognition programs are an effective way to show appreciation for staff members' performances. These initiatives help build common goals that are essential to creating an engaging work environment.
Lead Change Group notes that employee reward programs should be all about motivation. Goals should challenge workers to develop new skills or improve coordination. This pushes teams to work more effectively, while accomplishing objectives boosts confidence and pride. Rewards should reflect the value of the goals being accomplished. Securing a company's largest contract deserves a significant reward that should be made public, while achieving weekly goals could be praised within the context of more personal meetings between a worker and his or her supervisor.
Using recognition can build a sense of community that engages employees. These efforts let staff members know that hard work is appreciated and rewarded. Clearly communicating core values builds a strong corporate environment that reinforces those ideals. Fast Company states that engaging employees depends on leaders becoming more inspirational and open in their management styles. Employee reward programs provide the tools executives need to make meaningful efforts to connect and motivate workers.