A well-tailored employee recognition framework is a lot like a TikTok video of a baby doing a surprisingly coordinated dance, or a slice of really good Peppermint Crisp tart - there are so many things right with it you cannot help but smile.
See, a best-in-class, tailormade recognition program aligns people to strategy, allows you to achieve your goals while engaging and motivating employees, and makes the recognition of high performance effortless.
Sound good? It gets better.
According to talent management and rewards study by global multinational risk management, insurance brokerage and advisory company Willis Towers Watson, organisations with reward and talent management programs that support their business goals are more than twice as likely to be high-performing companies (28% versus 12%).
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What we know about employee recognition
Recognition has been shown to impact key business drivers like profitability, productivity, customer satisfaction, and stakeholder impact. It also happens to be a basic human need. As such, it is a vital leadership practice that should be incorporated into the daily practice of leaders in any organisation worth its salt. Leaders need to know how best to gain employee cooperation and to direct their performance to achieving the goals and objectives of the organisation, and recognition is a key component of this exchange relationship.
By working within a tried and tested employee recognition framework, management can:
- Align their people to build a strategically focused, high-performance organisation.
- Define goals, set targets, and engage interest throughout their enterprise, from grassroots level up.
- Build the competencies required for success.
- Clearly define goals and drive internal operational momentum by means of targeted communication.
- Tap into the benefits of a wide range of reward solutions that have been tailored for maximum motivational appeal.
In short, recognition is an act of appreciation or acknowledgement of actions, efforts, behaviour or performance that support the organisation’s goals and values. It can be expressed in many ways - emotional, intangible, symbolic or tangible - and can be applied to people, their work, their level of dedication or direct business results achieved.
Key objectives and outcomes of employee recognition programs
In order to establish recognition as a leadership best practice to create a motivating environment where people can perform at their best, leaders have to be able to:
- Define recognition and key associated concepts
- Identify their own leadership strengths and areas to improve
- Identify and understand the requirements of recognition
- Apply the requirements of recognition in real-life situations
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When this is achieved, it paves the way for the achievement of very important business goals, including;
- According to the Society of HR Management, 79% of employees leave through lack of recognition.
- According to Gallup, businesses with high levels of engagement enjoy up to 22% productivity increase, and a 27% increase in profits.
- Employees make direct connections between their work and their company’s mission and perform best when they feel that the opportunity exists to do what they do best daily, that their opinions count and when they can sense fellow workers' commitment to quality.
- An increase in performance is directly associated with improved revenue, profit, customer retention, quality, productivity, safety.
The requirements of effective recognition
In order to be effective, recognition has to be part of a broader process of affective leadership that hinges on the ability to:
- Be self-aware. Leaders need to identify their own motivational levels and current strengths, and determine ways in which they live their organisational values to see if it is in alignment with their own personal values.
- Be other-aware. Upper management needs to acknowledge and understand differences and diversity in recognising others and how the personalisation of recognition can contribute to boosted motivation.
- Align hearts and minds. In order to align an organisation, goals and standards of practice need to be clearly linked to organisational values and needs.
- Be on the lookout. A firm focus should be placed in identifying emerging positive and negative behaviours in the workplace and finding ways to encourage or discourage it.
- Give praise effectively. Effective praise differs from one situation to the next, and is based on action, impact, and the link to organisational values or goals. In order to work, it has to be timely, specific, sincere, prepared and frequent.
- Celebrate successes. Opportunities for celebration should be identified continuously and leveraged accordingly.
- Address obstacles and issues of fairness. Obstacles to recognition should be identified and fairness should be front and centre at all times when it comes to matters of reward.
- Be open to new ways of doing things. Strategies should be devised to ensure that the business continues to practice recognition in new, fresh, and relevant ways and are open to new ways of doing things.
- Continuously reassess and maintain or realign recognition practices. Devise strategies to ensure that continuous assessments are done and that recognition becomes part of your daily leadership practice.
Alignment is inherent in a well-placed employee, but there are ways to nurture it to bring it to full bloom. A lot of HR tech used today is still rooted in the needs of a prior generation. Driving powerful alignment between your employees and your company goals calls for tech that engages the future workforce by providing frequent feedback and recognition - a solution that aligns seamlessly with existing HR processes to facilitate a happy, healthy, future-proof workplace.
The bountiXP employee engagement platform has been developed to combine recognition, rewards, social communication, learning and feedback into a single, personalised user experience. So you can build a better workplace.
Download our 10-step guide to boosting employee morale today, simply click the button below 👇 to grab your copy.