Reward and recognition strategies have always been fundamental to fostering strong employee engagement, performance, and retention, but the methods of implementation are evolving.
Prior to the impact of COVID-19 on the modern workplace, many reward and recognition initiatives were heavily dependent on in-person interactions. Employee appreciation often took spontaneous and visible forms, such as physical awards, celebratory events, all-hands meetings to honour achievements, or birthday cakes in the breakroom.
In our hybrid business environment (and against the backdrop of stagnating wages and growing recruitment and retention challenges), reward and recognition strategies must adapt to suit today’s workforce needs and acknowledge sustainability efforts.
Here are just some of the ways expectations around employee recognition are changing:
It’s important to have a relevant programme for the hybrid working era to meet evolving employee expectations around rewards and recognition and reap the benefits of a more engaged and motivated workforce.
Here are five questions to consider when looking to modernising your reward and recognition programme:
It’s vital to outline the types of actions and behaviours you’re looking to reward via your programme. That way, everyone from management to staff is on the same page with reward and recognition, and there’s complete transparency, fairness and consistency throughout the organisation.
Your rewards programme is a terrific opportunity to meet sustainability targets while encouraging staff to embrace company values. For example, you could reward employees who implement energy conservation measures or spearhead community outreach programmes.
In the age of hybrid working, sometimes small yet meaningful acts can fly under the radar simply because they happen online. Ensure your rewards platform allows staff to recognise and celebrate their colleagues. Small gestures can have a huge impact on teamwork and morale.
Lofty and ambitious goals are to be admired, but if they can’t be realistically achieved, they can lead to discouragement and demotivation among employees. Ensure you’re not setting your employees up for failure when designing your rewards programme.
Vouchers are a popular choice for employee rewards, but offering green alternatives could help you further underline your sustainability credentials. For instance, you can staff with a paid day off to volunteer with a charity, plant trees or contribute their time to an ESG project. FlexGenius allows you to flex your rewards to match your people.
Whether someone’s gone above and beyond when hitting a deadline, shown kindness to a new start, or helped achieve a key ESG milestone, the importance of recognition hasn't diminished. However, its delivery and implementation must adapt to changing working conditions, employee expectations and sustainability requirements.
Complementing those organic in-office moments with a relevant reward and recognition programme and a digital platform available to all, including dispersed teams, can significantly boost employee engagement, motivation and retention.
FlexGenius offers fully integrated reward and recognition modules, allowing your organisation to roll out innovative and engaging reward programmes simply and efficiently, tailored to your workforce's specific needs.
If you’d like to join companies experiencing increased employee engagement and retention by offering thousands of benefits, sign up to FlexGenius today.
To find out more about FlexGenius or book a demo of our leading flexible employee benefits software solution, book a demo now or visit our contact page or give our team a call on 0800 652 4745.
This article was first published on the REBA website. FlexGenius is a member of REBA, the Reward and Employee Benefits Association.