Employee recognition practices are no longer a secret tool for organizations to boost their employee retention rates. Almost every smart company either already has or is planning to integrate an employee recognition program.
Under these circumstances, employers are searching for ways to better their activities and win big in this game. So, if you’re also into the employee recognition industry and are looking for something valuable to read – you’re just in the right place. Provided below are a few up and comers that you should know about the employee recognition industry.
1. Employee Wellness Programs
The corporate world is on the verge of many great developments that are going to change the game for good. In this time, the companies have realized the importance of their human assets and are eager to treasure their health.
Now unlike the regular health insurance benefits, employee wellness programs target the broader picture here. The aim is to indulge the employees in healthy activities that can preserve their health for a longer time. These activities may include anti-smoking campaigns or gyms at the office. What’s the motivation here you ask? Well, the companies can allocate various rewards against participation or on achieving certain results in the drill. In this way, a company’s human assets are preserved in a healthy and motivated state.
2. Customer Feedback as a yardstick for rewards
Another trend that is going to be seen well saturated in the industry, is the use of customer feedback for rewarding your employees. What is the ultimate goal for a business? To earn profits, right? And where do profits come from? Of course, from the customers. Therefore, a business’s topmost important job is to make its customers happy.
Now, who can make your customers happy? The people who deal with them on your behalf; your employees. So, what could be a better measurement for your employees’ performance than the words of your customers? Many businesses understand this and are now using their customer feedback as a benchmark for rewarding their employees. The better the feedback, the better the rewards.
3. Planning for Generation Z
The term Generation Z represents the people from the post-millennial/centennial generation. This generation has reached its maturity and is entering the workforce as we speak. As per the studies, Generation Z is the most qualified and technology familiar generation. Therefore the corporate world has its eyes set for them. More so, many companies are already fishing for these smart minds for themselves.
From the employee recognition point of view, this generation is seen to be more concerned about their job security and work-life balance. This thing raises an opportunity for employers to win their trust; by making the optimum use of social media for advertising a healthy company culture where everyone’s acknowledged.
4. Employee Engagement and Recognition Platforms
As the technology is taking over the conventional ways for official operations, it is doing so in the employee recognition industry as well. Today, employers want to continuously stay in the loop with the progress of their employees. Therefore, many smart firms have integrated advanced workspace engagement tools that allow easy communication along with employee recognition opportunities.
These tools work on a point/score system, whereby employees can appreciate each others’ efforts by sharing appreciation points. These points can then be exchanged with certain rewards.
Well, you got it right – we’re talking about the very principle on which BRAVO is running.
Also, there are some independent entities that specialize in making end-to-end and long term employee recognition strategies for your company. So, you can either do it yourself or let the experts handle it for you. In the end, whichever method you may use, the goal is to keep your employees happy. Because a happy employee can definitely make your customers happy.