Suffering from poor employee engagement should not be taken lightly. In a world that is fast adapting to remote working, low engagement from employees could be a serious indicator of deteriorating work culture.
Throwing money at the problem is not enough. You must take time to assess the root cause, which is often the lack of employee recognition and rewards. With that, you could boost employee engagement and achieve higher engagement far more effectively.
Developing a rewards system or sending a thank you note can tug at the heartstrings of your employees. To explain further, we will take a look at how recognition and rewards can promote higher employee engagement.
Higher engagement will invariably improve efficacy and rejuvenate your workspace with motivated individuals.
Why are your employees failing to engage?
A recent report by Gallup reveals that US companies with disengaged employees are losing close to $450 billion to $550 billion every year. One of the best motivators for employees is appreciation from seniors and peers.
Employee appreciation is the culture to appreciate employees for their efforts, performances, and admirable work conduct and eventually Boost Employee Engagement
But how can it help employees feel more productive and engaged in a work environment? Let’s take a look at a few stats to understand better.
In-person recognition
83% of employees who were appreciated at their workplace felt that they were content with their work.
Although bonuses were the most popular form of recognition, employees also appreciated other recognition initiatives such as:
✔️ Team emails recognizing individual efforts
✔️ Title promotions
✔️ Paid vacation holidays
So, what can you do to improve employee engagement through recognition and rewards?
1. Facilitate instant gratification
If you want to reinforce good performance or admirable traits in employees, the most effective way to do it is to reward and recognize them instantly. Waiting until quarterly, semi-annual, or annual reviews leaves too much time and by then, it is often too late.
Sometimes, even monthly recognition may feel too far away in high-paced work environments. If on-the-spot recognition feels too much, you could opt for weekly meetings where you recognize the team’s efforts. This way, you do not have to spend too much on the rewards, but it will incentivize their behavior and give you more productive employees.
2. Reward individually
You don’t have to always stick to bonuses. Sometimes a little personal touch can go a long way. When you recognize employees with rewards that are tailor-made for their interests, their level of engagement skyrockets.
If you know that your employee has a family or is interested in theatre, book them a family dinner on the weekend, or give them a ticket for an exciting play.
This makes employees feel recognized not just for their hard work but also as individuals within the organization. It also shows that you care for each of them personally, making them more motivated to do the same for the company and you.
3. Stand true to your company values
Human beings tend to value words, and nothing says trustworthiness more than integrity to your company values. This is why your rewards and recognition program must be aligned with your work culture.
This builds a sense of team within your employees, and everybody feels more motivated to do their part as part of that unit. Why?
Because the team cares for all its members and stands true to its motto.
4. Incentivize all departments
Many companies make the mistake of recognizing teams that directly contribute to the revenue – such as sales or product development.
However, that should never be the case. This kind of company policy alienates the other departments who are just as crucial for the company to function. Just because their productivity does not come up on the books does not mean they are not doing enough.
Create an employee engagement program that includes all employees and gives them access to feeling appreciated.
ALSO READ: Rewards and Recognition are Important for Remote Workforces
5. Don’t hold back on spending
According to an employee recognition survey conducted in 2017, 23% of companies that spend 1% or more of their payroll on recognition and rewards programs are rated excellent by their employees.
On the other hand, only 9% of companies that spend less than 1% of their payroll get the same rating. This means that spending generously on adding more value to employees’ lives can go a long way.
It does not always have to be pay raises or bonuses – you could collectively spend it on each team or introduce new employee benefits.
6. Appreciate publicly
Whenever you want to appreciate an employee’s performance or hard work, try going public with it. Company-wide emails or recognizing their work during meetings and video calls makes them feel special.
This form of engagement increases loyalty towards the company and also reduces attrition rates.
Also, don’t just appreciate successes. It is essential to give them a pat on their back, even if their hard work did not bring the necessary results. When you reward effort and not just results, even your most average employees are more motivated to give 100%.
These are just some of the ways in which you can boost employee engagement using a rewards and recognition program. If you are looking to design one for your company that is both effective and aligned to your company, then get in touch with Ovation today!
