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.
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.
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?
These creative and impactful ideas for startups to recognize their employees should help them energize and drive them to even higher levels of performance despite the challenging, unstructured and often chaotic work environments.
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.
Organizations faced with the dilemma of whether to reward employee performance or behaviour need to take a more balanced approach of rewarding the contributions of the employees towards achieving business goals as well as towards creating a more positive work environment.
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.
An increasing number of organizations have started realizing that the frequency of employee recognition matters for the overall success of their rewards and recognition programs and helps them maximize the business benefits from them.
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.