Fresh off the 4th of July holiday weekend, I have had some time to reflect on the meaning of this holiday and how it applies to a critical component of our great nation:
Any company interested in recruiting and retaining top talent must learn the science of appreciating that talent and what it means to the organization.
Since the Great Recession began, workforces have experienced a high level of turmoil resulting in higher levels of disengaged employees. Who can blame them? Layoffs, increased workload, lack of career paths can leave workers thinking the grass may be greener on the other side. As a result, HR departments are faced with low productivity, negative attitudes, absenteeism and substantial turnover.
So how can companies keep their top performers from jumping over the fence? Top performers respond to one common ingredient: recognition. According to a 2013 study by the Aberdeen Group, 67% of Best-In-Class organizations have a formal recognition program compared to 58% in 2012. However, only 37% of all organizations have a clearly defined engagement strategy. “Best-in-Class organizations are rapidly embracing recognition as a way to fuel engagement and drive business success. What distinguishes these programs is their ability to embed recognition in the company culture by empowering every employee to recognize great performance, embrace innovative technology and consistently evaluating these efforts across the organization.”
According to Accelir’s 2014 study “Rewards & Recognition: 2014 Trend Report”, one of the biggest trends is “Creating a Culture of Recognition.” In order for a recognition program to bring fireworks, it should:
- Be tied to the company’s values. Articulating the company values doesn’t come from HR; it comes from the top. Helping the workforce understand why the values are the values and why they are important to the company’s health is critical to get buy-in further down the ranks.
- Be supported and implemented by all levels of employees. One of the key components of a recognition program is getting buy-in from the leadership of the organization. When employees understand and believe that the leadership is committed to a set of values, implementing a recognition program becomes much easier. Managers need to be able to coach those reporting to them on the need for certain behaviors and the importance of recognizing them.
- Happen regularly. These programs are most effective when they happen on a regular basis. Celebrating employee’s successes every day versus focusing on their problem or challenge areas increases engagement dramatically.
By implementing or tweaking an Employee Recognition and Reward program, companies will see an increase in productivity, improved attitude, and reduced turnover and who doesn’t want that? So as we celebrate our independence, remember what makes this country great. Showing our workers that we value their endeavors increases our profits both tangibly and intangibly.
What are some of the ways your company showers you or your top performers with fireworks?
Does your organization need insight on how to set up an effective employee recognition and reward program? OI Global Partners can help! Contact us today!