Rewards and recognition enables you to attract and retain top talent, keeps productivity high and helps keep your company ahead of the competition.
Employee recognition is one of the key drivers when motivating employees in the workplace. Did you know that 78% of employees work harder if they are better recognized?
More recognition for work well-done means happier, more engaged employees who are more invested in your business and are driven to produce great work.
A built-out rewards and recognition program is becoming even more of a corporate imperative as millennials take the workforce by storm! The modern workplace demographic has skewed younger, dominated by 20 to 24-year-olds. Millennials have become the largest generation in the workforce, and they have big ideas for what they want out of the company they work for. They don’t just want compensation, although they certainly still want that, they also want a meaningful, close-knit culture, volunteer opportunities, genuine recognition for their work, and frequent praise and rewards. Largely because of how younger workers perceive these functions as essential to their satisfaction, the structure of the workplace is facing big shifts, and reward and recognition programs need to keep up. Here’s how to do it:
- Ensure Employees Know How to Earn Rewards – Employees who understand what they’re working toward are more likely to boost their performance.
- Tie Rewards to Performance Standards – Employees have to understand how their productivity and behaviors influence business outcomes. Employee rewards are a great way to demonstrate this on a granular level.
- Offer Unique Rewards – Offering a variety of unique and valuable rewards can incentivize employees to work harder and smarter.
- Recognize Large and Small Achievements – Your rewards program should be tiered, offering up praise, perks, and recognition throughout the lifecycle of a project, not just at the finish line. In this way, your employees will feel supported and motivated every step of the way, leading to a productivity boost.
- Incentivize Teamwork –Teamwork amplifies each individual’s productivity, leading to greater business outcomes. Plus, strengthening relationships within and between departments improves collaboration, innovation, and communication throughout your company. A great rewards program should focus on engaging and rewarding team efforts.
- Gamify Rewards, Not Recognition – A little friendly competition between peers is healthy in the workplace. However, it should be in moderation, especially considering the benefits of teamwork as touched on above.
- Refresh Your Rewards Frequently – Employees can quickly become bored with certain rewards, which can decrease the value of the reward over time. If you want employees to constantly strive for excellence, update your rewards often to create a sense of urgency with your employees.
- Create Personalized and Specific Recognition – A personalized approach better engages employees in the recognition process. Recognition announcements and personal notes of appreciation are a vital part of building a productive workplace culture. When activities like this are vague or broad, the message becomes less genuine, and employees will pick up on that quickly.
- Invest in Personal Development – One of the most valuable things you can do as a leader is to invest in the future of your talent. An upskilled workforce can drive value for your business, as well as establish trust and appreciation for top talent.
- Donate to Causes Employees Care About – Company culture is an extremely diverse concept that can be leveraged to reach every person in your workforce.