Employees across organisations are looking at instant and meaningful recognition from their employers. Also, they want to be appreciated via rewards and recognition programmes during the course of their employment.
Rewards and recognition refer to the non-cash components given to employees depending on their performance.
In an interaction with Moneycontrol, David Sturt, Executive Vice President of O.C. Tanner Institute, said that employees expect recognition programmes to look at their performance regularly and not stay static.
O.C. Tanner is a global employee recognition firm and has tie-ups with about 70 companies across industries in India.
“Earlier, the rewards and recognition initiatives of companies weren’t standardised. This is what we are aiming to achieve,” said Sturt. He added that now companies have fixed budgets for these initiatives and want structured programmes to achieve it.
Research from O.C. Tanner Institute showed that companies are focusing on the entire employee experience, from hire to retire. It said that how each employee feels from the initial point of contact during recruiting to their last day at the office impacted the organisation.
“Employees, especially millennials, coming into the workplace are bringing in new challenges to companies in terms of the recognition programmes offered. However, companies like us have been able to benefit from this since we are able to offer tailor-made solutions,” he said.
Sturt also explained that using technology, they have been able to digitise all the processes to ensure instant gratification can be given. For instance, if the reporting boss receives a positive report about an individual, he/she is able to use an application to give recognition on an immediate basis and not wait for a quarterly or annual appraisal to do so.
Companies also have a mechanism whereby using online applications, one is able to also redeem their awards for products that can be bought online. Sturt explained that companies instead of giving standard rewards, now have given the freedom to employees to choose what they want.
“Providing a purpose to work (beyond just money) and focusing on giving employees opportunities to work on meaningful projects, make a difference and delight others, helps people connect with, and give discretionary effort to their work,” said the research.
Attrition and retention are also impacted by the rewards and recognition efforts taken by the companies. Their research said that in order to retain, engage and attract talent, firms should tackle better leadership and appreciation first.moneycontrol