Downsizing and cost reductions, along with advances in technology and a rapidly changing marketplace lead to concerns over job security, employee stress levels, and loyalty. As a result, the challenges of low productivity, retention rates of employees, and negative attitudes are high priority for HR professionals.
Studies show that employers that have formal programs in place see benefits, including increased productivity and engagement as well as higher organizational and financial performance.
2 major trends
- Getting an early start on recognition. Rather than waiting 5 years, some companies are seeing results in implementing programs that show recognition to employees as early as one year.
- The culture of recognition. Developing a positive culture and focusing on recognition may be a challenge, and take some to execute, the growth and benefits are worth it. Buy-in from executive leadership, with support from managers and everyone involved throughout the company is important. Performance-based rewards and recognition are also important components.