Find out how this company increased its recognition activity by over 100 per cent.
As organisations get ready for the ‘new normal’, many people leaders are finding themselves at a crossroads when it comes to creating and building a crisis-resistant and future-proof organisational culture.
In times like this, employee recognition initiatives are often thrown to the wayside as the organisation focuses on ‘more important’ things. But employee recognition efforts are very important – they can be critical to business’ success. For example, lack of recognition at work is among the top reasons employees quit.
Unfortunately, it’s not only in crises that recognition can get ignored. Even in less dire times many companies fail to recognise employees outside of performance reviews and annual ‘years of service’ awards.
This lackadaisical approach often leaves team members feeling unappreciated on a day-to-day basis. But if companies change their mindset both during and outside of a crisis, they will discover why the simple act of taking the time to recognise individual efforts has proven to make staff work harder and stay longer.
One company that understood this was Olympus Australia, a global technology innovation company. After running its annual employee sentiment survey in 2013, it was clear employees wanted a stronger focus on rewards and recognition.
The initial platform they introduced in response to the survey did some of the job, but it left employees wanting more. Eventually, Olympus replaced it with the Achievers platform and immediately saw the return on investment – recognition activity across the company was up by 102 per cent.
To read about more of the great results, download the Olympus case study here.
Engagement drives revenue
Recognition is a key tool in HR’s arsenal to help maintain productivity.
Companies that distinguish themselves by running effective employee recognition programs are better at retaining top talent — and customers. According to Aon Hewitt, a five point increase in employee engagement is linked to a 3 point increase in revenue growth the following year.
Neglecting recognition during these challenging times is likely to have long-term consequences for your business. Managers need to pay special attention to how they’re acknowledging a job well done as well as how often they’re doing so. This becomes even more important when people are working remotely – without recognition they can feel as if they’re working in the shadows.
Driving employees forward
In a work from home situation, the elements of employee recognition are the same as they would be in a physical workspace, although the delivery method may differ slightly. It should be specific and carried out in real-time – a quick email isn’t necessarily going to be enough.
What gets recognised gets repeated. When you acknowledge an employee’s efforts publicly, this has a ripple effect. Other employees are more likely to step up to the plate and work harder when an employer’s recognition is transparent which solidifies the trust between employers and employees. On a larger scale, it creates greater inclusion and breaks down silos across the organisation.
So what can your organisation do to keep top performers motivated and make sure every employee feels appreciated for their hard work? Firstly, you have to lay the foundations of a culture of recognition and build up from there.
To do this, it’s a good idea to look at those who’ve already had success in the past. Olympus Australia was able to set itself up for success by using the Achievers platform to reinforce its culture of engagement with an employee-centric recognition and rewards program that delivered fantastic results.