In the not so distant past, an expensive pen or a gold watch for many years of service to the company was considered a status symbol. Companies still give out certificates and plaques to employees but the acceptance of such rewards has changed over time as it becomes rarer and rarer for an employee to be retained at a company beyond 2-3 years.
Companies today have multi-generational employees, with different views and values which need to be understood in order to make them feel appreciated and valued. The new workforce looks for something very different and substantially more than these old methods of reward & recognition, and there are major trends to back this theory:
“Peer-to-peer recognition can up employee engagement by 2% and increase employee retention by 3% in an organization”
An old and reliable method of appreciation is that which is given by one’s seniors or managers, this top-down method is still popular as it helps team members feel valued as individuals, but also increases the feeling of transparency at the company. Unsurprisingly, this method is still popular but a new trend is the appreciation that one needs from their team members and other peers. According to a study by JetBlue, peer-to-peer recognition can up employee engagement by 2% and increase employee retention by 3% in an organization. The main purpose of peer-to-peer recognition is to make appraisal less like a performance review and more like an expression of gratitude.
Rewarding high performers with cash or material gifts has become old-fashioned. The effect of such gifts does not remain for long. While giving gifts is a good idea, you need a gift that is memorable. Experiences like attending a play, horseback riding, a spa session or simply unwinding at a resort among other unique experiences makes for an unforgettable gift.
We now live in a mobile world. Mobile applications will do to business in this decade what desktop computers did in the 1990s. Not adapting to mobile will mean being left behind. Indeed, as mobile applications more and more become another way of interacting with the same web-based or SaaS platform, there is little reason to not incorporate mobile into recognition and reward program planning. “According to McKinsey, 33% of all smartphone owners now prefer using them for Web browsing or e-mail—even when their PCs are nearby.
“Increasingly, consumers and employees expect an experience that reflects their own engagement and workflow. At a minimum, program managers should review the achievements required for all reward and recognition programs to ensure their target audiences have been given ample resources and training to achieve the required level of performance.”
Another new trend is that of ‘Gamification’, which can play a role in recognition and rewards, but program designers and managers must be careful to ensure they aren’t gaming the wrong behaviors. You never want to “game” a system to encourage more recognition for the sake of recognition alone as that weakens the purpose and intent of the program. Instead, game factors such as “most rapid reward approver” to ensure recognition reaches the intended recipient quickly.
By use of technology, integrating HCM, CRM and recognition and reward systems simply delivers more data value to an organization by giving you more points of information on performance and areas needing improvement.
Do you and your organization need to catch up with these trends?
It might seem like your organization might have to go through a lot of restructuring to meet the needs of the modern employee, so as to retain them and get the best performance from them.
This might be true, but with the help of Zinbucks, all your needs can be met for now, and the future!
Zinbucks offers a multitude of rewards in various forms that will appeal to a broad spectrum of employees while also allowing and promoting peer-to-peer exchanges and interaction.
With its easy to use mobile application, the process of improvement can be taken on the go which is not only convenient, but also increases engagement on the platform for maximum results.
Tracking of birthdays and other special events is also integrated in the platform making recognition easier and more personal.
So why wait any longer, make your organization future proof today! With Zinbucks.