“People work for Money, but go the extra mile for Recognition, Praise, and Rewards – Dale Carnegie.”
A trend in Employee Rewards and Engagement is something that will make all the difference in this 2019
Imagine a situation where your current job is dull and your potentials are not used to the fullest. Moreover, it’s a low paid job and you are not at all ardent about it?
What would your reaction be towards a job like this? You would dislike it, right! , soon you would be exhausted and begin to ponder what am I doing this for? No one cares about what I did.
The situation you read above is what most of the organizations lack in keeping their employees engaged. According to Morneau Shepell’s HR trends, 2018 report HR leaders have identified improving employee engagement as one of their top areas of interest.
Xoxoday is a single integrated platform for all your reward, recognition and employee engagement needs. We assist you to know our employees better. Our experts help you to take appropriate actions at right time. This enhances the attrition and engagement rate in your organization
Now that you have understood the importance of this, it’s time for you to dive into the game. Begin considering the hottest trends of employee reward and engagement. Fortunately, here is a list of 7 trends in rewards and engagement platform in this blog post:
Work-life balance has become the number one goal for most of the employees. Companies and HR professionals are quickly picking up on this trend. Fidelity Investments study states that 58% millennials consider the quality of work life more important than financial benefits. The study also says that millennials are ready to even take a pay cut for improved quality of work life.
Paul Wolfe, Senior VP HR of Indeed; a job search site says, “In today’s tight labor market proper work-life balance is essential for employee retention.” He also considers empathy as a special ingredient for a healthy work-life balance.
For instance,Nike is a famous sports brand. It offers its employees benefits based on their organization grade and location. Common benefits that they provide are paid sabbaticals, discounts on fitness programs and assistance with tuition fees.
HR professionals should collaborate with engagement platforms. They can assist businesses with new ideas on work-life balance.
2. Enhanced Employee Experience
Crafting good employee experience has been HR Professionals agenda. The Future Workplace and Beyond.com study entitled “The Active Job Seeker Dilemma” says that 83% of HR leaders admit that employee experience is either important or very important for their organization’s success.
Good employee experience offers plenty of benefits. These benefits range from enhancement of employee engagement to improvements in ROI. It also controls employee retention and enhances your brand image in the market.
HR professionals need to spend time on analyzing the journey map of their employees. This means they have to invest in technology and engagement platforms.
This will help the enterprise to monitor employees’ productivity, performance, and learning. Apart from this, it will offer HR professionals an insight about their employees. With this insight, they know what actionable steps they need to take to make their employees better.
For instance, Google a tech giant company puts a lot of efforts to ensure their employees are happy. Karen May VP of People at Google says, “It’s less about the aspiration to be number one in the world, and more we want our employees and future employees to love it here because that’s what’s going to make us successful”. Employee experience practices at Google include, optimized processes, paid time off for pregnant women, synchronized onboarding process.
3. Constant Feedback Loop
Constant feedback plays an important role in enhancing the productivity of the organization. As stated by Bill Gates - ‘We all need people who will give us feedback. That’s how we improve.’
Annual performance review no longer works with today’s digital workforce. Gallup’s study states that millennials are two times more engaged in their work when they receive constant feedback from their managers.
Collection of feedback has become easier in today’s technological era. But what system businesses need to use to collect constant feedback? How the feedback can be translated into actionable steps? For this, you need to collaborate with proper engagement platforms.
IBM uses feedback to implement constant changes and productivity enhancements. It realized that the annual performance feedback was no longer effective. So, the team at IBM crafted a system called checkpoint.
A checkpoint is a program where people within the organization could give feedback to other employees irrespective of their organizational grade. This system opened up conversations across all levels within the organization.
Outcome: Employees would now meet up at least four times during the year to discuss their goals.
4. Unique Rewards / Benefits / Perks
When you want to recruit top talents for your organization you need to entice them. You need to move beyond basic benefits. You need to offer them something that is unique. It could be in the form of rewards, benefits or employee perks.
In Britain, an experiment was conducted with 700 people This experiment was done by the Social Market Foundation and the University of Warwick’s Centre for Competitive Advantage in the Global Economy. This study found that happy employees are 20% more effective in the workplace than unhappy employees.
Zynga is a game development company. At Zynga, you can get your pet to the office every day. It’s a perfect place for canine lovers. It offers unique benefits for its employees who are pet lovers. Such as pet insurance, a rooftop dog park, etc.
Need help to create unique employee perks? Seeking help from engagement platforms would be the most viable idea.
5. Offer and Encourage Learning Opportunities
Learning and development programs help employees to grow professionally and gain new skills. Employees are more likely to be engaged with an organization that offers learning opportunities.
The 2016 Deloitte Millennial Survey states that Millennials who are satisfied with the learning opportunities and professional development programs offered by the company are likely to stay with their organization for a longer duration.
Marriot International offers training to its employees across the globe. The firm uses manifold training delivery methods. Some training includes virtual while some in person. The prime focus of their training program is skill and career development. Their training topic includes work-life balance, leadership management etc.
Associating your brand with known engagement platforms in the market can be useful to entrepreneurs. Such engagement platforms will let you understand which learning and training programs to offer to your employees.
6. Focus on Culture Not on Pay
We all believe that employees’ salary is the main determinant for job satisfaction. Andrew Chamberlain the Chief Economist and Research Director of Glassdoor has something else to tell us. Chamberlain states that it’s the organization’s value and culture along with senior leadership and career opportunities that offer workplace satisfaction for employees.
LaSelle Network a Staffing and Recruitment Company conducted a survey with 6000 students. The survey revolved around the question:what is the most desirable factor while working for an organization.’ Most of them voted for compensation but company culture was the second on their desirability list.
HR professionals should give culture more importance and alleviate the glitches so as to enhance employee behavior and performance.
7. Offering Right Tools to Employees
Technology has made it easier for employees to work smartly. It has helped employees to deliver efficient results in no time.
Entrepreneurs need to collaborate, invest and experiment with technology-driven engagement platforms. These engagement platforms will help them create tools for feedback and productivity. They can help businesses to develop learning and monitoring apps.
This will give business owners an excellent window of insight about their employees. Enhance productivity, boost employee morale and curb employee turnover rates. All of these can be achieved with the right tools that measure employee engagement and satisfaction levels.
Key Take Away
What benefits an organization can gain from focused and motivated talents who love their job? Here are a few benefits to name:
- Enhanced profits
- Bolstered productivity
- Lower turnover
- Cost saving
- Enhances the organization’s reputation in the market
- Retention of employees
With benefits like these, sensible HR professionals would want to offer something valuable to their employees. Such as a more flexible and pleasurable work ambiance.
Your employees are an asset to your organization. As Tammy Cohen states ‘A great employee is like a four leaf clover, hard to find and lucky to have.’ Hence it’s crucial that you check out and follow the above trends.
Offer your employees a reason to stay connected and committed with your firm for a longer period. You must ensure that your employees enjoy a great experience and are rewarded for the work they do. Please feel free to connect with us and share your feedback on this blog post.