Did you know that there is a direct correlation between your employees and your profitability?
Rewarding and recognizing your employees is not just about the monetary gratification, but also about increasing their engagement at the workplace, their happiness quotient and motivating them in a manner that they continuously fuel your business growth.
Rewards & Recognition (R&R) schemes are doled out to reward performance and recognize achievements. A good framework and efficient implementation of R&R programs trigger positive behaviors among employees, which is why over 90% of organizations are known to invest in a comprehensive and innovative R&R program. Effective R&R programs, in essence, have to:
- Recognize individuals & teams in a timely way
- Provide diverse opportunities for recognition
- Create a repeatable & sustainable practice that can evolve into a program in the organization
For one, organizations are sensing that they are now dealing with high-performing employees, who need to feel constantly engaged with their work, and who have, unlike their predecessors, a much lower threshold when it comes to staying in one organization for long. This is the generation of millennials who expect great career prospects, good packages and good visibility in the organization. Employees these days are more about instant gratification and social recognition. They want to feel acknowledged socially and enjoy an enhanced self-image.
Technology integration is becoming the key to creating a sustainable and comprehensive R&R program loaded with the power of next-generation technologies. Organizations are turning towards solution providers, such as Zaggle, who can help them start the right conversation in a digital and socially connected world. Zaggle is using the power of technology to create a single and unified R&R platform.
Employers and employees can now sign in to one interconnected intranet platform to benefit from:
- A single online and branded environment that acts as a central hub for all R&Rs including peer-to-peer recognition, performance recognition, milestone achievements, etc.
- Integration with the performance appraisal system in order to have a continuous and sustainable R&R practice
- Seamless integration into the organization’s HR system to keep track of the employee’s real-time growth tangent
- Regular monitoring and measurement of employee behavior, ideas, innovations, and performance
- Gamification of R&Rs where employees can send and receive points that can be seamlessly redeemed for a wide array of rewards
- Analyze and manage rewards to understand their effectiveness and the organization’s ROI
- An integrated portal that brings together employees from diverse regions and cultures onto one single platform
- Regular newsfeeds, leaderboards, notifications, etc., to make it more socially engaging
- A global catalog of gifts, rewards, experiences, vouchers, etc.
The new technologies are creating novel nuances in how an effective R&R program can run, they are also opening the doors to forging newer relationships in a digitally-connected world – they are helping organizations create effective R&R programs for digitally-native employees. Looking at the transformation that has panned out in the global R&R space, there is no doubt that the world of recognition is changing like never before and that technology is at the helm of steering this transformation.
Zaggle is a fintech company offering digitized solutions for employee tax benefits, expense management, corporate gifting and rewards & recognition programs that empowers corporates to spend smarter and increase employee engagement and productivity, resulting in a happy and satisfied workforce.