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.
In 2020, the winner of the Best Employee Recognition Program Award by HiFives was Prodapt Solutions (www.prodapt.com), a multi-national telecom/ DSP software company. Prodapt runs a global employee rewards and recognition program for over 2,300 of its employees across 13 countries in 5 continents.
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.
Organizations can need to take implement these measures to make employees feel valued and build a highly engaged, self-motivated, and completely dedicated workforce that can drive business growth and profitability.
All said and done, recognition plays an integral part in employee engagement no matter how it is executed. At the end of the day, employees feeling happy is what matters most whether is a pat on the back, a trophy, a shopping voucher or a trip to the Bahamas!
In fact, our view is that employee rewards and recognition can play a pivotal role in initiating a change in the organization’s culture. It is really basic human nature to gravitate towards behaviours than giving them the maximum benefits. Organizations should include behaviour or value-based recognition in their employee programs in addition to the general outcome based recognition – that’s our recommendation.
In the near future, organizations should see a big data approach to performance appraisals. It would increase efficiency, reduce bias and the cycle time
Celebrating personal milestones of their employees as part of their employee rewards and recognition programs can help organizations to motivate their employees and drive their performance, commitment and loyalty.
In post-COVID world, where employee engagement and productivity levels are likely to see a significant decline due to the negative news in the business environments; organizations need to work on various initiatives to boost employee motivation.