While a large number of organisations use some form of employee recognition programme, not every system will achieve optimal results.
Having a truly engaged workforce means understanding what your employees want from their careers, allowing you to guide them developmentally and celebrate their achievements.
It's not enough to just acquire the best employees you can, they need to feel appreciated and supported if they're going to stick with your organisation.
It's that retention that may be an issue for businesses in the UK. According to HR company Monster, the average employee turnover rate in the region is around 15 per cent, a troubling level of attrition that can lead to costly and ongoing recruitment issues. Could a better employee rewards and recognition programme help to stem this flow of outgoing workers?
A glitch in the system
A World at Work study in 2013 found that almost 90 per cent of organisations have at least one form of employee recognition programme in place, however simply having a system doesn't necessarily ensure success. Indeed, a survey from OfficeTeam discovered that while 89 per cent of senior managers believed their recognition scheme to be adequate, only 70 per cent of actual employees agreed.
This disconnect between the perceptions of those in leadership positions and the reality experienced by the workforce indicates the importance of implementing a tailored system, designed to reflect the desires of your unique employees.
Rewards and recognition should be developed to reflect a diverse workforce.
Bridging the gap with better recognition and rewards
Obviously no two workplaces are identical - each is made up of it's own diverse group of workers and management personnel. With that in mind, the right rewards and recognition scheme will be developed to reflect that diversity.
"Research highlights that reward is by no means a one size fits all," says John Harding, Pay, Performance and Risk partner at PricewaterhouseCoopers (PwC).
"Employers need to understand their people and their diversity to design a reward programme that takes account of individual preference. Effectively communicating and targeting benefits to different segments of the workforce could bring significant cost savings."
How can Power2Motivate help?
Whatever the makeup of your workforce, taking the time to speak to them about the rewards they truly value can help build a better recognition platform. Power2Motivate offer tailored programmes for all manner of organisations, helping you to better engage your staff and retain them for longer periods.
Using our survey tool, you can receive direct feedback about what works - and what doesn't - in your programme, and easily adapt your offering as required. Speak to Power2Motivate todayabout getting more from your employees.