nition can do wonders with an employee’s job performance and satisfaction levels.” The report states that 91 percent of Society of Human Resource Management (SHRM) professionals believe rewards and recognition increase employee retention. This is because programs addressing rewards and recognition connect teams personally and virtually. They elevate employee morale and boost confidence, said Vantage Circle researchers. Indeed, even studies prior to the great remote work experiment have shown that many workers place appreciation from their peers, supervisors and company ahead of the pay or other benefits they receive. In short, employees appreciate the recognition they get from their leaders. Recognition is a way for employees to know their contributions to the company help the organization succeed. According to SHRM, while monetary or non-monetary rewards are beneficial, a word of recognition from leaders holds greater value. What’s more, SHRM said employee recognition must go beyond closed doors. It needs to be public. Appreciation on a public forum – such as on a social media platform – exhibits the employees’ hard work and exposes the recognition to a wider audience. However, when a company grows or changes, it needs to find new ways to recognize and reward employees. Recognized employees stay motivated, and that means they are more engaged – even when working remotely. Retention is Challenging As Vantage Circle points out, hiring the best talent is difficult, but retaining it is more challenging. “Employee disengagement is one of the first signs they are likely to leave the job at your company,” the report stated. “Hence, implementing good employee retention strategies is the key to creating a highly engaged and satisfied workforce.” In its report, Vantage Circle stated that with the COVID-19 crisis waning, companies need to “reset,” and now is an opportune time to develop new employee retention strategies to enhance employee engagement and productivity. More than one-fourth of the employees (27.6 percent) surveyed for the report said they would be willing to change jobs for better recognition or appreciation. They added that they would be willing to leave their employment if their supervisors fail to recognize their ideas, contributions and presence. Peer-to-Peer Recognition In particular, executives believe peer-to-peer recognition improves employee engagement and retention. Recognition is about highlighting positive efforts, whether personal or professional. With timely and regular appreciation, leaders can foster an engaged workforce, and this can go a long way in improving retention rates. Vantage Circle says companies should revisit their rewards and recognition programs by encouraging a peer-to-peer channel. Peer recognition allows management to focus on enhanced employee engagement. It is a “go to” solution for every employer to ensure equal recognition and make it a part of the company culture, said Vantage Circle researchers. A peer recognition program opens an opportunity to create a company culture of increased communication. It helps a company to place value on every person’s opinion. A successful peer-recognition program can be beneficial by boosting at-work relationships, promoting overall team spirit and improving confidence and self-esteem Reputation and Retention When it comes to employee retention, the company’s image, reputation and prestige play a role. Workers enjoy being associated with a respected brand, and they look for those kinds of opportunities. Companies are looking for strategies and ways to retain their employees in the war of recruiting the best talents. From offering perks to flexible working, companies are leaving no stone unturned to retain their employees. And one factor in retention is remote working. Now that workers have tasted their own home-made coffee at their own kitchen table, they want to sip it in their housecoat and slippers. Another major factor is the commute. Many workers no longer want to fight traffic to and from home to work – especially if it is a long commute and they have to drive it during clogged-street rush hours. 13 REMOTE WORK SOLUTIONS rwsmagazine.com
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