Recognition and appreciation is a soft-skill that not all companies and employers are good at. But what they need to realize, is just like them, their workers are also going through the pandemic and have been equally traumatized. As the reality of financial implications is setting in due to the global pandemic, companies are trying to devise new strategies the HR departments are under constant pressure to keep the employees engaged and motivated during these challenging times. If the companies want their employees to thrive in these hard times, there is a vast importance of employee rewards and recognition.
HRs have the burden of doing more with less, as the pandemic has tightened the financial belts of all the companies. Employees have to work more and are being paid less due to this climate of uncertainty. Thus, right now, employee record and recognition is more crucial than ever. A recent survey has shown that 58% of employees have voted that being appreciated and recognized can boost their morale and increase their productivity. On the other hand, if they don’t feel like they are being rewarded for their hard work, they will most likely quit the job in the coming year.
Companies do want to recognize and reward their employees, but many times are not able to do so as they don’t know how to implement it. There are many types of employee rewards and recognition techniques. The below-mentioned pointers can help in creating a successful reward program to motivate the employees.
1. Recognize their Achievements
Many programs such as employee rewards and recognition can help in increasing the employees’ morale. Skilled and experienced employees feel validated and the new hires feel encouraged to work harder and give their best. In the end, the entire company benefits as it boosts the overall confidence. It is then that the employees feel that they are in the right place where their efforts are recognized and appreciated. The best way to do it is to create a virtual event out of it. Collect a list of all the top-performing employees from their managers and then hold a virtual conference to announce the winners. Rewards are to employees what medals are to athletes, a significant symbol of the triumph of their achievement.
2. Appreciate Contributions
While recognition becomes a public event, appreciating an employee is even more personal and meaningful. It is more of a one-on-one thanking. Companies can give out rewards in various kinds such as a paid vacation, or a gift card, depending on their budget and the hard work done by the employee.
Also Read: Employee Reward Systems: 5 Essential Factors for Deployment
3. Giving fair Appraisal
While appreciation and rewarding are one-time events, giving a fair and high appraisal is more enduring and heartfelt. It becomes more of a career marker than a recognition marker. An employee has been performing consistently well should be recognized and paid for their continuous improvement and hard work. Then they feel like they are a valuable asset for the company and can visualize themselves working in the company for the long haul with a promising career. Giving appraisal is usually accompanied by an increase in position and responsibility. Even though if the employee is already at a high position, the increment may not necessarily mean a promotion if they are already at the peak position. At this level, the increment usually means an annual bonus.
4. Provide Perks
Providing employees with perks can improve their quality of life. They are normally not stand-alone rewards, but add-ons to other prominent rewards. For example, an employee of the month can get a dedicated parking spot for that entire month, or a flexible-time schedule or a paid leave.
5. Invest in their Career
Another way to reward your employees is by investing in them. Offering them things like a mentorship program, tuition reimbursement, job shadowing with seniors, etc., shows that you care about their future and success. If they want to change their role and try something new or want to take on new responsibilities, allow them to do so. Help them in skill development, as in turn, it is going to benefit the company as well. Investing in your employees’ careers will make them loyal, and help in retaining them. If you don’t do so, they will search for another job which does invest in them.
Also Read: Employee Appreciation: Here are 6 Definite ways an HR can show!
Takeaway
Now is the time to show your employees that you appreciate their hard work and dedication to your company even during such a doomed phase of life, and thus there are many benefits of employee reward and recognition. Rewards are the way through which the employees know that their employers value them and their efforts are not going down the drain. It is an essential component that cements the bond between the employee and the company and increases the loyalty of the employees towards their employer.
Handling employees’ expectations is not an easy chore for any organization nowadays. To learn how to improve the employee engagement of your company, read our website blogs. To learn more, you can contact us at sales@pockethrms.com.
