How Rewards and Recognition Can Reap Rich Dividends for Organizations in the New Normal
It is clear that the future of work is hybrid. If 2021 was dubbed the ‘Year of the Great Resignation.’ 2022 is turning out to be the ‘Year of the Great Return.’ The Randstad Work Monitor Survey of 2021 highlights that 85% of employees expect some form of flexible work arrangement in the post-pandemic world.
As the nature of work changes, so must the measure of employee success and engagement. We must examine how the landscape of expectations has shifted for employees in the past two years.
- Transparency and stability: Transparency creates a positive employer brand and adds credibility to every management decision.
- Performance measurement: We all conduct exit interviews. Maybe it is the right time to prioritize ‘stay interviews.’ Understanding what is working for your best-performing employees is the easiest way to amplify the positive aspects of work.
- Balance in Rewards and Recognition: A recent Glassdoor survey showed that 53% of employees felt they would stay with the company longer if they received more appreciation from their bosses.
- Alignment to organizational purpose: Organizations need to understand that millennials and Gen-Z workforce prioritize culture, values and a strong sense of purpose more than earlier generations.
So how can we create a more impactful rewards and recognition program? Here are some ways :
- De-linking R&R and feedback: Feedback goes a long way in helping individuals and teams course-correct, but encouragement does so much more.
- Balance of rewards: Letters from the CEO, recognition in front of their peers and more frequent recognition are equally important.
- One size doesn’t fit all: Recognizing the efforts of your best-performing employees is vital to the retention and their ability to transform into the next generation of leaders.
- Corporate brand and personal brand: A good manager will help individuals align personal growth and upskilling tracks and groom them for additional responsibilities that take them higher on the corporate ladder.
Gartner research indicates that a well-designed Rewards and Recognition Program can increase average employee performance, productivity and efficiency parameters by 11%.
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