- R&R should permeate your culture to create a successful, sought-after organization.
- Apply your premier program in recruiting, employee growth and retention for maximum benefit
“Do you celebrate and recognize your team?”
This is a question that has become increasingly important to job seekers as they weigh their decisions for accepting a new role in an organization – or for employees who are looking to make a job change.
Global statistics overwhelmingly support the importance that employees place on being recognized for their hard work. Studies and surveys consistently report that a program, such as an official, comprehensive Rewards and Recognition program, can increase employee engagement, leading to higher job satisfaction, increased loyalty, and lower turnover. To illustrate, a few examples include:
- 58% of professional pointed to employee recognition as a way to improve employee engagement (Psychometrics)
- More than half of retailers worldwide (52 percent) see a direct correlation between poor employee engagement and increased staff turnover, with retailers in the U.S. (61 percent) and U.K. (55 percent) seeing the strongest connection. (Kronos)
- 75% of employees who were recognized by their manager once a month – which is a good cadence to check in on progress to long-term goals – reported being satisfied with their job. While 85% of those that were recognized weekly reported being satisfied.” (BambooHR)
- 83% of respondents said recognition for contributions was more fulfilling than any rewards or gifts; 76% found peer praise very or extremely motivating; 88% found praise from managers very or extremely motivating; 90% said a “fun work environment” was very or extremely motivating. (Psychology Today)
This supporting data makes a compelling argument to implement or enhance an existing recognition program that values employees. It’s good for company morale and also for the bottom-line. It also creates an inviting environment for future talent.
A culture of recognition and celebration should be a pillar of any organization to recruit new team members and retain existing ones
As recruiting and retention still remain a top priority for leading organizations, even during the pandemic aftermath, stakeholders must ensure that they are putting their best feet forward in attracting top professionals to their team. With top professionals being 8 times more productive than other workers, HR leaders are tasked with finding and securing those candidates that are a right fit for their organization; it doesn’t make budget sense to not hire right the first time or to have an empty pipeline of viable candidates. Having an R&R program in place demonstrates that employees are prioritized and that you have cultivated a culture of support and inspiration, attracting like-minded individuals who will bolster those efforts.
Offering a defined rewards and recognition program also underscores the growth potential and longevity of your current team as well. Satisfied employees feel connected to their workplace; they want the organization to succeed because it is a reflection of their hard work. When their contributions are rewarded and recognized, they trust that their companies have their best interests in mind.
Be “That Company” Where Everyone Wants to Work
Candidates do their homework on a potential employer – and they go to the source: the people who work for you. With the digital age being what it is today, finding out the ins-and-outs of an organization is as simple as a few review site searches and a quick networking invite on LinkedIn. When an employee is satisfied with their workplace, they will happily share their experience. When an employee is dissatisfied with their workplace, they will share that, too. By offering an Employee Value Proposition (EVP) rich in recognition that is touted by true employee feedback and transparent policies, you elevate your organization above the competition; candidates can picture flourishing there and their work effort being appreciated. Ways to have your team’s help in showcasing your R&R program include:
- Enlisting your current workforce as your talent ambassadors, letting them share their experience with others.
- Encouraging their honest feedback on review sites like Glassdoor and Indeed.
- Designating employees to be involved in the planning for recruiting candidates and welcoming them during interviews and introductions.
Related Read: 3 Ways Your Recognition Program Can Attract Top Talent
Make Your Employee Rewards and Recognition Program Part of your Employer Brand
You can have the most uplifting, inspirational R&R program at your disposal; it won’t help attract top talent if no one knows about it. Ensure that your message is spread by weaving your R&R program into every facet of your business by:
- Branding your program so that is recognizable and distinguishable as its own fully-functional system in your organization. It makes it easily referrable by name and opens a wealth of marketing options.
- Making social media marketing your best friend in highlighting your branded R&R program; and having your internal talent ambassadors to funnel information out as well provides credibility and legitimacy to a program that is designed for the employee-base.
- Including your branded R&R program in all recruitment marketing activities, whether that be online, at job fairs, in job postings, during interviews and even during recruiter correspondence that discusses company information.
- Highlighting your R&R program even during new business and sales calls. Like-minded companies appreciate having a deeper understanding of potential business partners’ value propositions.
Your Employee Rewards and Recognition Program Does Double-Duty
Don’t underestimate the power your Employee Rewards and Recognition program wields. As an invaluable resource in creating a healthy, inspirational workplace for your team that improves engagement, your organization benefits from higher productivity, lower turnover and increased loyalty. All of this translates to an optimal recruitment tool that reflects your company culture and now provides a tool for maximizing spend on recruitment efforts. By leveraging your successful workforce program into a viable recruitment marketing tool, you can realize cost-savings, reach audiences that include the top talent you seek and tell the world about who you are and what you value.
At Madison, it’s not business as usual, but instead, we are focused on support. Supporting our invaluable customers by maintaining business continuity, sharing advice about new working models and providing an opportunity to connect with others.
While you adjust to your new working routine – whether it be at home or part of an essential service - please join the conversation. Ask Madison is an opportunity to share ideas, ask questions and help create our ‘new normal’, together. We believe that employee recognition is an essential business function and that, now more than ever, it is our responsibility to celebrate each other, recognize every milestone and collaborate together—even though we may be sitting apart.
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