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Employee recognition and rewards are equally important to keep employees engaged and have been shown to strengthen organisational values, teamwork, customer satisfaction, and motivate specific behaviours among employees, according to a report by Advantage Club, a global employee benefit provider.
The report focused on the significance of rewards and recognition on employees’ performance and their overall tenure with an organisation.
According to the report, recognition is the second most important trait for an employee to focus on while working at an organisation. It further identified that attrition rate decreases by 45 per cent among the recognised employees.
Among actively disengaged workers in 2021, 74 per cent are either actively looking for new employment or watching for openings. 15 per cent of employees worldwide remained in the engaged category.
About 85 per cent of the organisations use the platform exclusively for R&R programs. It further added that 14 per cent of organisations provide managers with the necessary tools for rewards and recognition.
The report further said that 21 per cent of companies are more profitable and productive on account of highly engaged workforce. Further, 90 per cent of companies want to drive employee engagement to keep the employees motivated.
Smiti Bhatt Deorah, Co-Founder & COO, Advantage Club said, “At a time, when organisations coined the term “talent wars”, it was paramount to engage and retain the good talent. R&R programs are effective because they focus on the positives and give a clear message to employees that their contribution to the organisation matters.”
“Rewarding great performance and accomplishments with items that your staff desire will keep them engaged and driven to do better,” added Deorah.
“A robust reward and recognition program that is aligned with organisational values and objectives can create a heightened sense of belonging and dedication in employees,” the report further said, adding that it was important to create the right culture where employees’ work and achievement are celebrated, fosters affinity towards both the company and the job role.
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