There is nothing we love more than sharing the positive impacts of employee engagement, which incorporates eight essential elements, including rewards and recognition.
So what’s the buzz about? The business world has significantly changed over the past five years, so recognition in the workplace is now more prevalent than ever. Stacia Garr, Bersin & Associates’ Principal Analyst, recently contributed a blog post around the buzz of employee recognition; she discusses the most relevant changes to the workplace and why recognition is key for business to succeed. There are five factors for businesses to consider that are positively impacted by recognition programs:
- Volatile Economy
- The Need for Greater Agility
- The Flattening of Organizational Hierarchies
- Novel Uses of Technology
- The Rise of the Millennial Generation in the Workforce
A recognition program adds value because it helps organizations seamlessly adapt to changes in today’s business world. With the shifting economy and the mandate for employees to over-perform and drive results, businesses need to positively manage employee progress by recognizing performance so that good behaviors are repeated.
Employee recognition is much more than a “thank you”; it’s the affirmation that employees are successful and a vital part of a prosperous organization.
In an era where every investment must prove itself, recognition programs need to make a larger impact. Bersin & Associates research shows that nearly 90% of organizations have some sort of recognition program in place. Yet, many of these programs are initiatives that are neither connected to one another nor the needs of the business or employees.
Understand how employee recognition can power your business and drive results in conjunction with the five factors listed above. Register today and don’t miss next week’s webinar From Ad-Hoc to Value-Add: Using Bersin & Associates’ Employee Recognition Framework to Create Strategic Recognition Programs.
How could your organization benefit from a rewards and recognition program based on the five factors stated above?