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 need to understand that successful employee reward programs do not need hefty budgets; what is required is an efficient and effective reward system that ensures that employees are rewarded in a meaningful way for their good performance without any delay.
Social recognition is all about publicizing the efforts and achievements of employees in a manner that inspires the other members of the workforce to perform better and become eligible for similar recognition.
Peer-to-peer and Manager recognition are the two main pillars of a successful employee recognition program.
They should be used in tandem by an organization to build a motivate and engage their workforce.
It is high time for traditional organizations to start implementing modern employee rewards and recognition practices for creating a highly motivated and engaged workforce if they want to attract, engage and retain top talent and drive a higher level of business growth.
If managed properly, peer feedback can result in improved employee performance, better goal setting, more accurate training gap identification and successful career planning for the employees and organization.