The rewarding part of the employee recognition platform, as with all programs of its kind, is that, according to a study by the Society for Human Resource Management (SHRM), engaged employees are 28 percent more likely to stay with the company than disengaged employees. Engaged employees also boost performance and reduce turnover costs.
The key to effective employee recognition
A company’s culture is its most valuable asset. But it is also the hardest asset to build and protect. Culture can be damaged by neglect or mismanagement, but it is often damaged by unconscious decisions that combine to weaken it year after year. The best way to protect their culture is to make sure one is always strengthening it. As part of that process, one needs to recognize the things that strengthen their culture.
Recognition programs can be helpful, but they don’t work well unless used consistently. A manager’s recognition of an employee is more powerful than a reward or incentive program. If the manager does not recognize an employee, the program will not help.
It is a common misconception that recognition only happens at its annual performance review. While these events are indeed an ideal time to recognize employees for their hard work, it doesn’t have to stop there. The best recognition programs are administered locally by managers and peers. The best use of an employee recognition platform is to encourage employees to recognize their peers, not just their managers. Recognition can happen in several ways, including small and large gestures, publicly or privately. And while some are more effective than others, all of them have the power to help boost employee engagement and performance.
How does using this platform will help an institution?
Companies are increasingly using these recognition platforms to create an environment of appreciation, motivation, engagement, and happiness among the workforce. The business world is always on the lookout for ways to motivate employees and improve happiness levels in the workplace. Recognizing employees is one such way that has proved to increase employee engagement, motivation, and satisfaction at work. Recognizing employees for their hard work and great achievements is important that companies should do. One shows them how much one appreciates their hard work and great achievements by giving them money.
There are many ways to do this: bonuses, raises, promotions, perks, parties, even symbolic things like putting their names on the wall. But they all boil down to one thing: giving them more money. Employees who are recognized feel appreciated, motivated, and valued and this, in turn, helps them perform better than those who don’t receive any formal or informal recognition.