In a world battered by the pandemic, several big corporations are cutting their people loose. To strive and rein in the costs amid a looming global economic downturn, companies across the globe are layingoff their employees and eliminating job roles altogether. And this has had an immensely negative impact on employee morale.
As per statistics, only 21% of the employees are engaged in the workplace. The remaining 79% are struggling with low employee morale and doing the bare minimum to make it through the day. These disengaged employees take much less responsibility and ownership of their actions and drain overall productivity. A grim situation indeed, isn’t it?
Thankfully, all of this can be reversed with companies paying a little more attention to their employees and organizational culture. By keeping employees at the center of everything an organization does, it can easily boost employee engagement even during these highly disruptive times.
Statistics reveal that 37% of employees consider rewards and recognition the most important method of support. Recognition leads to increased motivation, improved employee morale, and a sense of pride, which in turn, boosts accountability and leadership initiatives.
What is Employee Recognition?
Employee recognition encompasses all the different ways an organization shows its appreciation for its employees and their contribution. Employee recognition can take different forms, and may or may not involve financial compensation. Often, organizations recognize their employees for:
- Achievements
- Completing milestones
- Demonstrating desired behavior
- Going the extra mile to surpass expectations
Why Employee Recognition is More Crucial than Ever?
Believe it or not, the workplace has changed. It is now driven by the expectations of the modern employee. Thus, showing gratitude at work has grown from being a token gesture to a business imperative. And if an organization does not prioritize employee recognition, it is missing out on a big boost to its bottom line.
Let’s take a closer look at the many ways why employee recognition matters.
Engagement
Recognition is the quickest way to an engaged workforce. Even as per statistics, organizations that observe a culture of recognition are twice as likely to see improved engagement as others.
Productivity
Employee recognition also fosters a culture of greater productivity. When there is an award up for grabs, every employee will try much harder to complete their assigned task in the best possible way. It extrinsically encourages them to be more productive and go above and beyond for their employers.
Retention
Turnover can be expensive, often involving a lot of time and resources to train new people. With employee recognition and rewards programs, organizations can increase retention. Statistics show that employees who feel valued and appreciated are much more likely to stick with an organization, in good times and bad.
Satisfaction
When your employees are recognized for their efforts, they will be happier with their job. And happy employees often mean happy customers. Thus, higher recognition will also result in higher customer satisfaction overall.
Promote Employee Recognition with Gift Cards
Digital gift cards are among the easiest and most affordable ways to deliver incentives and rewards to motivate employees. Several studies have revealed that programs that integrate non-tangible rewards, i.e. digital gift cards are more effective than cash-based enticements. It has showed a drastic spike in levels of happiness and productivity among the workforce.
For instance, Bonusly conducted a survey of over 1,500 employees where it was revealed that 44% of respondents prefer gift cards as rewards. Gift cards give employees complete freedom to choose what they wish to purchase. It also creates a sense of excitement among them as they feel empowered to select the reward of their liking.
Creating a Culture of Recognition with BenefitWise (Earnest Data Analytics Pvt. Ltd.)
By now, we know that employee recognition is no longer just a good thing to have in a company. It is one of the most influential business strategies to make hard-working employees feel appreciated. In fact, recognition-rich company cultures have been proven to reduce attrition, boost engagement, and increase productivity. That said, how to adequately recognize and reward employees is equally crucial.
Employee preferences matter when you wish to offer impactful recognition. Every employee is different. What might motivate one may not necessarily hold equal relevance for the other. This is where BenefitWisecomes in.
An all-in-one corporate digital platform for employee rewards and recognition, BenefitWise provides multiple employee benefits under one roof. It is among the leading hassle-free tech-based platforms that make launching employee recognition programs immensely easy. With BenefitWise, companies can allow their employees to avail of a variety of amazing benefits, including gift cards, food cards, insurance, wellness programs, NPS, cashback on bill payments, and much more.