The way to deliver a near-perfect employee experience has been primarily driven by rewards and recognition in the last two decades. A bonus and recognition program acknowledges, appreciates, and rewards an employee’s efforts.
There is a talent war going on out there. Employee recognition must be an everyday norm at your workplace if you want to acquire and retain top talent. Companies are grappling to find ways to deal with the global economic slowdown. Using an online reward and recognition platform for your employees is one way to increase productivity, decrease turnover, and foster a sense of belonging towards your company.
Here are five benefits of using reward and recognition software.
1. Drives employee engagement
Recognising an employee’s accomplishments is one of the best ways to motivate them. If employees feel that they are working hard and exceeding the owners’ expectations without being recognised, they will naturally become demotivated.
It does not mean they expect the CEO to hug them when they do something good. They instead look for encouragement from those closest to them. The more rewards they receive for doing something right, the more motivated they will be.
2. Attracts new applicants
Periodic rewards programs do more than boost workers’ morale at work. They also reflect well on the organisation. A healthy work environment fosters productive employees, attracting new and efficient people. In other words, you will be able to work with people who can add value to the company.
If your employees look for a job elsewhere, they will want prospective employers to know how you have rewarded them. It is easier to link these certificates and awards to an online rewards platform than to show them offline. Employees benefit from such a reward program throughout their careers.
3. Encourages a positive work environment
An environment where people feel appreciated goes a long way toward creating one they want to work in. The more they get praised, the more they get attached to the company. In turn, this creates a healthier and more productive workplace. A positive company culture encourages employees to put more effort into essential tasks. Besides earning an income, they enjoy being associated with a healthy workplace.
4. Encourages healthy competition
A reward and recognition option encourages friendly rivalry among workers. People will start comparing their performances to each other and strive to do better in the future. Upon reaching the top of the list, they will feel accomplished, and the whole team will be eager to do the same.
Sharing a team or individual’s success with everyone in the company promotes awareness and encourages everyone to give their best.
5. Increases employee retention
Engagement and satisfaction are crucial to employee retention. This is because employees desire to work for companies that value them and demonstrate appreciation in tangible ways.
The launch of an employee recognition program won’t solve all of the organisation’s engagement problems and negative culture overnight. Companies should be aware that recognition programs do not have to be costly or difficult to implement. Numerous organisations have implemented customised programs to acknowledge employees. Find out what kind of recognition motivates and encourages your employees to contribute their best.