Traditionally, if you wanted to attract the crème de la creme of candidates to your job post, a lucrative wage offering would be sufficient. But in the modern job market, employees are wanting more than just an appealing wage. Recognition Platform can be helpful to fulfill employee expectations and increase retention rates.
According to a recent journal article from Harvard Business School, what entices applicants the most are the benefits you list alongside the monetary compensation.
So, if you’re a business looking to motivate your employees and attract high caliber candidates in the future, your rewards must be imbued with meaning, purpose, appreciation, and intention to avoid feeling like empty gestures or mere transactions.
That’s not to say that cash and cash-like rewards aren’t useful. After all, as the great Homer Simpson pointed out, money can be exchanged for goods and services. But in our knowledge-based society, a one-size-fits-all rewards scheme may not be able to address everyone’s basic motivation factors.
When Cash Loses Its Lustre
In industries where success is measured quantitatively (such as Sales and Manufacturing), cash rewards make sense. However, in the creative realm where performance is measured more qualitatively, a cash reward may not help staff motivation at all.
Things become even more complicated when you have to manage a broad range of human resource faculties and figure out how to a) unify everyone towards the same business goal, b) engage employees in ways that enable them to do their best consistently.
Regardless of size, it can be difficult for any management team to personalize their approach to every individual in the company in a way that recognizes their particular values and goals. This is where a recognition platform becomes a real game-changer for organizations.
Boosting Staff Retention Rates
Training and recruiting new employees is a costly business and ones that organizations could certainly do without.
If you have high rates of staff turnover, you may get caught up in a vicious cycle of continuously replacing new team members. This will deter you from building a positive corporate culture, and it definitely won’t help you to attract or keep those high-performers you desperately need.
Your recognition platform will not just improve how you communicate your company’s values to new and existing staff right away; it will also support your training initiatives and ensure that no one’s efforts and contributions go unnoticed.
We’ve all asked the big meaning of life questions, and no one does this more than Millennials and Gen Z employees; they are in search of purposeful careers. By tailoring your recognition platform in a way that makes growth, development and positive relationship building central to your organization’s Human Resource Management Philosophy, you are much more likely to resonate with the workforce you seek to attract.
Supporting Your Employee’s Productivity
GDP per capita is always a contentious topic, particularly in the UK where, despite the high rates of employment, studies show that productivity is much lower. According to the Financial Times “The average British worker produced 16 percent less on average than counterparts in other members of the Group of Seven leading economies…”. If productivity is stagnating, so too are your profits and the overall health of your business.
One of the identified causes for the decline in British productivity is an inadequate level of skills, which may have a knock-on effect in the future. These findings demonstrate how necessary it is for employers to take charge and find ways to incentivize learning and upskilling in the workplace. This will help boost that all-important company productivity, but perhaps more importantly, help them to facilitate an improvement in the quality of work they get from employees.
Using an employee recognition platform can help you achieve this by integrating with your training scheme and supporting staff and management to track and reward progress.
Initiatives like this boost employee engagement, loyalty and motivation to perform better every day. When your employees are equipped with the tools and infrastructure to do what is required of them, as well as rewarded and recognized for their efforts, a positive feedback loop is created throughout the business.
An Employee Recognition Platform in Action
It can be a little overwhelming when reviewing all the different solutions offered online. What kind of budget will you require to come up with regular rewards? How will you onboard your staff and get them to use the platform consistently? Will it integrate with your existing systems?
Sodexo takes a strategic approach to employee recognition. We understand that a core cultural shift is required to create a happy and productive team for your company. We work closely with businesses to ensure that your goals are at the heart of the platform’s functionality.
Whether you want to improve employee wellbeing, boost retention, or encourage staff to work more safely, we will address the challenges that have been holding you back and formulate the best possible solution. By doing this, we dispel any fears that you may just be handing out rewards without receiving any ROI – that’s not what a recognition platform should be about.
A recognition platform aims to make lasting behavioral changes that unify your workforce while also making sure that each employee feels appreciated, included and valued. To find out more about our products, just visit our website today.