Not long ago, an engraved pen or a watch from the company for 20-30 years of service in the company was considered a status symbol. This practice still continues in forms of certificates or plaques but the level of aspiration for such rewards has changed. Today’s generation wants something very different and substantially more than these rewards & recognition programs.
Here are the major rewards & recognition trends:
1.Top-Down Recognition To Value-Based Recognition
Earlier, the rewards & recognition programs used to be such that any appreciation or rewards came directly from any senior that you interacted with. Not today!! Now the employees seek appreciation not only from the seniors but they seek peer to peer recognition as well, as they know what you do day to day and their appreciation is much more genuine and meaningful. Companies nowadays are tying their rewards & recognition programs with their values as it will be able to identify the type of behaviors that is important to the well-being of the company.
2.Experience Rewards: The Feel Good Factor
Rewarding a high performer with cash or merchandise is so yesterday. The effect of such extrinsic rewards does not remain for long. While giving gifts is a good idea, you need a gift that continues to give. Experiences like Flying a plane, going for a horse riding session, dining on a Yacht, taking a cocktail making session or simply going in a resort etc. definitely make an amazing gift. A Gallup research found that recognition motivates 82% of employees to improve their job performance.
3.Giving Some Off-Time
Work-life balance is a trending topic for discussion as more and more employees have an option to work from home these days. There was a time when companies used to frown upon employees taking more than a week’s leave. Now the companies not only give employees paid vacations but also help employees with childcare, flexible working arrangements, work from home options and even helping you plan your executive education.
4.Social Recognition: A New Currency
Rewards are finite in nature, not all performers can be honored with it. Hence, to motivate employees, we need to recognize them socially. Social recognition allows day-to-day achievements to be seen, commented on and even shared on outside networks. Give them good parking space, put them on your company newsletter, call out their achievements during team meetings and make them feel included.
You can always visit our Employee Rewards & Recognition platform Xoxoday to give your employee a token of appreciation for their work.