Employee recognition is a catalyst for engagement and alignment – Employee Recognition and Engagement
Top employers are facing a perfect storm in the fight for talent. Unemployment is at its lowest rate since 2009 and job openings have increased by 73 percent. At the same time, Baby Boomers are rapidly retiring and new college graduates are significantly lacking the skills businesses are seeking. And if that isn’t enough, at least one-third of the existing workforce is ready to quit.
The number one reason employees quit is that they don’t receive recognition for the work they do. Employee recognition and engagement are two connected things. If your organizations do not have effective recognition programs to recognize employees, it will not drive employee engagement for you. Ninety percent of employers say they have some recognition programs in their workplaces but with only 13 percent of the global workforce engaged, these programs are clearly far from effective.
It’s not safe to assume your workforce is being suitably recognized because the reality is that they likely are not. Their hard work is not appreciated, nor validated in a way that evokes inspiration. It’s time to re-think recognition— the main catalyst for engaging and aligning your workforce, driving improved business performance.Your workforce should be recognized with some effective and creative employee recognition and engagement tool. You might also like to read How to build a successful recognition Program
The knowledge and services workforces are dramatically different today. They crave for a purpose-driven company, regular feedback, career opportunities, and interesting work. With 70 percent of the world’s Gross Domestic Product (GDP) generated by the knowledge and services industries, the standards and ideals of the workforce are shaping the way businesses operate.
Employee Recognition programs challenge conventional thinking and help companies to become more future-focused so that one can respond to the needs of today’s workforce and lead the way to employee success. You’ll learn to create a meaningful strategy from start to finish that yields higher levels of retention, higher customer satisfaction, exceptional employee engagement and alignment, and an unmatched culture of recognition and success.
The war for talent is on. Successfully recruiting and retaining top talent is a big competitive differentiator. The number of available jobs is on the rise, but the economy also suffers a significant shortfall of six million skilled workers every year. By next year, 60 percent of new jobs will require skills held by only 20 percent of the population. This will impact one’s company and hence one must shift focus to stay ahead of it.
Today the customer is in complete control. Companies that prioritize the customer experience will prevail, as they generate 60 percent higher profits than their competitors, by doing so employees are ultimately responsible for creating repeat customers, so one must empower them to own the customer experience.
Adapting to the modern workforce and changing workplace is critical to long-term business success. The foundation for new strategies begins with focusing on one’s employees and prioritizing what needs to change based on the reality of this new talent landscape. You’ll be set for success if one creates a future-focused recognition strategy to engage and align employees.
Understanding how to keep your remote employees engaged, aligned, and recognized will be paramount to business success. Knowledge and service employees can work anywhere—even outside the office. Remote employees aren’t just an extension of one’s team; they are your team and they expect flexibility in their work environment. Cubicles are quickly being left behind as we shift to a mobile workplace. Employee recognition helps companies align employees to business objectives by reinforcing behaviors tied to corporate results. And it solidifies employees’ emotional connection with your company, making them more engaged. Recognition is a catalyst for engagement and alignment. These are the three ingredients to drive remarkable business success every single day.
That’s because engaged, aligned, and recognized employees will work harder to satisfy your customers, and in turn create greater shareholder value. Otherwise known as the service-profit chain, employee engagement and customer loyalty are inextricably linked. These employees have been given the development and tools to delight the customer and deliver exemplary service that creates repeat business. This translates to higher revenue growth and profitability. Strong employee alignment requires that all employees “get” the big picture. Only 37 percent of employees have a clear understanding of what their organization is trying to achieve and why. Employees need to understand how they directly impact your business success for their jobs to feel valuable.