There is a traditional philosophy when it comes to business management that what gets measured gets done.
There is a traditional philosophy when it comes to business management that what gets measured gets done. Companies that establish criteria for tracking specific performance metrics, such as productivity rates or customer satisfaction, will see improvements in those areas as there is a continual reminder about these factors' importance.
However, a recent survey by PricewaterhouseCoopers (PwC) found that simply measuring performance is not enough to see results. While 86 percent of the 300 respondents of the 2013-2014 Human Capital Effectiveness survey said that their businesses measure employee engagement, just 40 percent of managers stated they are required to create a plan for improving team engagement, CGMA Magazine reported. This means that most organizations are doing nothing with the information they collect about their employees. To see real results, companies need to take steps to increase office morale and inspire workers to take on new challenges.
"If you are going to ask for opinions, it is incumbent upon you as a leadership team to act upon the results," PwC manager Chris Ippolito said during a recent PwC Saratoga webcast, as stated by the source.
CGMA Magazine noted that employee engagement is essential to a firm's success. Workers become more productive when they are actively engaged in their assignments. Employee incentive programs are a straightforward way for managers to develop action plans that can accomplish specific company objectives and keep workers motivated. These initiatives can be used to establish performance goals for teams and individuals.
Recognition generates results
Rewards are a simple way to increase excitement among workers. Most managers initially feel that rewards need to be cash bonuses to get results, but this is not the case. Business News Daily stated that extra money is not always the best option. To truly make employees happy, businesses should strive to give them opportunities to acquire prestige and recognition. Having their hard work acknowledged gives employees a sense of pride and accomplishment that often has a longer-lasting impact on their performance than cash.
Regardless of how incentive programs are implemented, business leaders need to be accountable in running the initiatives. CGMA Magazine reported that this is one of the four steps to improving employee engagement. Organizations also need to take feedback seriously, implement changes where possible and be transparent. When employees know that their input is appreciated, they are more likely to take action or make suggestions that benefit the entire firm.