Employee recognition is slowly coming of age. Claire Morris reports on the key trends as 2018 approaches
Employees are arguably the most important cog in the wheel of a successful business, yet 32% of companies struggle to retain top talent. Every business has its own strategy for retention
, but there is one common element that has been found to work across most businesses and industries: employee recognition.
Countless studies have revealed that employees highly value being recognised for their achievements, making it a far stronger motivator than an impersonal financial reward. Traditionally, employee recognition may have been in the form of an awards presentation, or a bonus cheque in an envelope at the end of the year. In 2018, the digital age will continue to assert its influence on employee rewards and recognition programs, where we will see an increased use of social platforms, employee benefits portals and digital gifting across the board.
Here are three rewards and recognition trends to look out for in 2018:
1) Digital rewards and recognition programs
We predict a leap in businesses integrating formal reward and recognition schemes into online employee benefits portals. Separate from standard salary and benefits, staff recognition schemes help to motivate and engage staff by acknowledging their good work in a variety of ways. Initiatives such as employee-nominated training and development, digital gift cards, and experiential and lifestyle-based rewards can all be claimed and monitored through a portal. They offer a cost-effective retention tool, and many businesses and HR teams are catching on.
2) Social recognition
Social platforms such as LinkedIn
and Yammer provide a visible and user-friendly platform for employees and managers to recognise their colleagues, and make up an important part of many recognition and reward strategies. Savvy employers will make sure that their bespoke platforms integrate some of the best functionality of these platforms; for example, the ability to like, share and comment on others’ achievements within an intranet system.
3) Personalised rewards
In line with acknowledgement being a stronger motivating force for employees than impersonal financial rewards, the best employee rewards are those that are tailored to the culture of an organisation and the personality of the team or individual. There’s been a notable growth in the popularity of personalised gifting, which allows employers to tailor rewards with specific imagery and messaging that relates to the individual. Think digital gift cards emblazoned with an employee’s top sales achievements for the year, or the name of a major company project they have successfully managed or supported.
About the author
Claire Morris is the co-founder of Prezzee, an online marketplace providing an innovative Gift Card solution built to change the art of gifting. Prezzee was designed to solve the problem of losing or leaving plastic Gift Cards at home when you need them the most. With the FREE Prezzee App, you can buy, send, store and redeem digital Gift Cards at the click of a button. www.prezzee.com.au