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.
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.
These 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.
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.
Organizations can need to take implement these measures to make employees feel valued. They can build a highly engaged, self-motivated, and completely dedicated workforce to drive business growth and profitability.
The various examples of employee rewards programs provide a generalized framework for organizations to design programs suited to their industry type and maximize the outcomes of such programs.
Obviously, individual organizations need to tweak these guidelines to match their business objectives and employee expectations.
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!
Employee rewards and recognition can play a pivotal role in initiating a change in the organization’s culture.
Organizations should include behavior or value-based recognition in their employee programs in addition to the general outcome based recognition.
Selecting an employee rewards system is a high-involvement decision just like buying a car.
Hence, organizations need to proceed step-by-step with the decision-making by considering all possible factors to ensure that they select a system that best fits their requirements and budgets.