Understanding the key employee rewards and recognition trends in 2021 and beyond can help organizations put in place the right policies, processes, and systems to develop a highly motivated and committed workforce going forward. Organizations that do so can reap business benefits not just in the near future but also in the long run.
Organizations need to clearly understand the importance of employee recognition for their business success. They need to develop effective programs that are aligned with their business objectives and the needs of their workforce.
Organizations need to invest time and effort to come up with innovative names for employee recognition programs as one of the first steps towards developing an effective employee recognition program. A unique, innovative, and relevant program name is likely to generate more interest and engagement in the program from the employees.
Recognizing customer service representatives should be high on every organization’s agenda as they form a critical part of the workforce that can make or break the customer experience, which in turn can play a key role in the growth and success of the business.
Hence it is our recommendation that awards especially those in the category of spot awards should be given based on the immediate achievements and not the past track record of the employees. Awards should be treated as awards – it absolutely okay to reward underperformers for their achievements if they meet the criteria!
The key trends in HR in 2021 will be driven largely by the happenings in 2020 that have accelerated the long-term changes in HR that were already underway for the last several years. Organizations that are able to understand and leverage these changes quickly can gain a significant competitive advantage over their industry peers and demonstrate higher business growth.
These are just a few of the top reasons why employee rewards and recognition programs fail. Leaders and HR must avoid these pitfalls to keep the programs alive and kicking, to keep employees motivate and productive at the workplace. And honestly, this is hardly rocket science.
Employee rewards in modern-day organizations have been evolving over the years – it has become more of an art than a science.Organizations have tried everything from trophies, company branded merchandize, durables, electronics, holiday packages, gift vouchers, and even cash. What is the best form of employee rewards?
Whether the winner takes all phenomenon is fair or not is the question to be asked. It seems only logical that the highest performing employees would end up getting the maximum recognition and rewards. The caveat to this is that it might demotivate other employees who are possibly average performers or borderline cases.
Organizations that have a deep understanding of how employee recognition impacts business can develop relevant programs that are aligned to their business objectives, organizational culture and workforce profile and get the desired results.