Millennials Want it Now In today’s work world, Millennials dominate, and one trait of this generation is an expectation to be recognized instantly. Therefore, if a Millennial worker is not recognized within a short time of completing the task, he or she may feel no recognition is coming, prompting hard feelings and disengagement. According to the study, employers should keep in mind that real-time recognition aligns employees with company goals. When employees are confident that their efforts won’t go unnoticed, they tend to grow in their jobs and become better employees. It is a source of empowerment, trust and security. Yet, according to the Vantage Circle study, nearly a third of companies admit to recognizing employees only once a year in annual reviews. While most respondents to the survey say they still want monetary awards recognition, a monthly salary is never enough. Introducing monetary awards and incentives is beneficial. When employees receive a financial bonus for their stellar performance, it boosts their motivation, job satisfaction and involvement in company decisions. However, not all employees crave money as a reward for their work. Some simply want appreciation and praise from leadership. Hence, certificates and plaques are a great retention strategy. Verbal appreciation builds a sense of trust and confidence. When company leaders personally recognize employees for their work, the workers feel motivated and uplifts their morale. Attractive employee perks and discounts are another way to keep employees engaged and productive leading to better retention. Companies can opt for recognition perks such as employee discounts vouchers, gift cards, restaurant vouchers, etc. The Prime Objective According to the survey, employee retention is the prime objective for 60 percent of employee recognition programs. Many companies know this relationship yet fail to implement it. Implementing an automated recognition program gives employees a sense of purpose toward their work. It enables real-time data with deep insights into employee trends and behavior, ensuring fair and equal recognition. With on-time recognition, companies can calculate their engagement levels. Recognition can be a “pat on the back” or a “thank you.” But if leaders do it digitally, it garners more attention, and employees stay motivated. When peers get to congratulate each other over a social forum, they tend to get more exposure, and as a result, managers can expect lower attrition rates. As companies have resorted to remote work, conventional recognition programs may not work as well. But digital recognition ensures recognition from anywhere and everywhere. Automated recognition is available on multiple platforms, from phones to laptops, enabling managers and leaders to show their appreciation from anywhere. To retain employees, one must follow a transparent company culture, which includes rewards and recognition. According to Forbes, 55 percent of employees trust strangers over their own bosses. And many employees leave their jobs because of trust issues. With a digital recognition platform, employees can see who gets appreciated by whom and for what tasks. It restrains managers and mentors to indulge in any sort of favoritism, which is a trustbuilding factor. Every appreciation gets noticed on an automated platform for every achievement, encouraging fair and transparent employee recognition. In short, employee retention and employee engagement are interrelated, and employees who are recognized regularly for their work are more engaged, because they feel motivated and satisfied their work counts for something. J 15 REMOTE WORK SOLUTIONS rwsmagazine.com
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