Employees perform better when their efforts are recognised. It is a universal truth that recognition and appreciation can go a long way in motivating people across all spheres of life. According to a survey by SHRM, 89% of leaders believed employee recognition programmes help with successful employee management.
Recognition and rewards programmes bring transparency to the whole process, and employees get to work towards value-based prizes, enhancing overall business results. You can visit the platforms like https://www.power2motivate.co.uk/ to know more about employee engagement solutions available for every workforce.
Reasons Why Every Business Should Invest in Employee Recognition Platforms
Using a third-party recognition programme, leadership and employees can improve visibility over the whole process. From a leadership perspective, employee achievements, transactions, points, rewards – financial and non-financial, can also be tracked on a single portal. From an employee perspective, reward points can be tracked, and prizes can be purchased on a single portal.
Leverage Peer to Peer Recognition
You can effectively implement a peer to peer recognition programme offering employees the chance to celebrate one another’s success. Receiving recognition from leadership is appreciated, but employees feel all the more confident when this recognition comes from their peers. Peer to peer recognition improves employee relationships and feeds into a positive work culture.
Empower Employees with Relevant Prizes
Give employees what they want, reward them with value-based prizes that hold relevance to them. For example, integrated reward points systems and an online gallery of relevant products give employees the power to reward themselves with prizes they deem fit according to their accumulated points.
When employees get a say in how they are rewarded, it boosts their self-esteem and confidence as they know their opinions are valued.
Reduce Attrition Rates
With the current global economic climate, it has become all the more important to retain employees in an organisation. A high attrition rate has a considerable impact on a company’s finances. It also negatively impacts a team’s morale and culture.
If you have an employee recognition programme in place, you can provide periodic feedback and reward employees according to their performance. According to the same SHRM survey, 70% of recognition programmes fared better when they adopted the value-based rewards model.
Employees usually perform better when they know their efforts are being recognised. Reward programmes motivate employees to proactively adopt an out of the box approach and deliver innovative solutions that will distinguish them from their peers.
These programmes help improve employee productivity and engagement, spark innovation. Thus they need to be included as a company’s core measure rather than a one-off programme.
Cultivate Team Spirit
A programme like peer to peer recognition helps develop strong interpersonal relationships and improved inter-department connectivity. You are cultivating a culture of appreciation as employees themselves have the power to drive the recognition programme.
An effectively implemented employee recognition and rewards programme can boost business growth and improve customer experience. It can also provide tangible results in the form of improved sales, revenue and employee retention. Employees who feel appreciated in their work roles are a company’s biggest asset. Employee recognition platforms are vital in creating and maintaining this asset.