With social recognition and rewards platforms making it possible to achieve sustained increases in employee engagement, as well as reduced administrative costs, it’s worth taking a closer look at optimising this activity.
According to the Hay Group, companies with the most engaged employees report revenue growth at a rate two-and-a-half times greater than their competitors with the lowest level of engagement. But it’s a strange new world. Employee engagement is the key to success, but most companies still lack on-the-ground programmes to drive that engagement and alignment.
The result of this oversight is disengagement costing business and economy billions each year in lack of productivity. To complicate matters, increased competition means employees have more options to quit and move on in their employment. And today’s workforce has a new set of expectations for compensation and benefits, which includes demanding regular recognition for their contributions, not just money.
The Achievers Employee Success Platform™ delivers a solution that enables social recognition with reward, which dramatically increases employee engagement to drive success
So how can organisations leverage the connection between recognition and employee engagement? Research shows a social recognition and reward platform provides the best engagement results, as well as alleviating operational pains common to traditional “do it yourself” methods for administering company recognition and rewards benefit programmes.
While it’s common to outsource functions such as payroll processing, many companies continue to build their own recognition and reward programmes. Maintaining them with in-house spreadsheets or allowing managers to run disparate programmes across divisions with no central, or even fair, employee recognition, performance measurement or administration management. Simply maintaining the reward inventory can be taxing across tracking and stocking, while manual behaviour measurement can exacerbate issues on unequal access and recognition inconsistency.
A central, company-integrated, social recognition reward platform that provides equal employee access and instant involvement, along with visible automated tracking of activity and performance, can be very effective.
Research from Bersin & Associates revealed employees at organisations that were highly effective at integrating technology into recognition were three times more likely to be in the top quartile of business performance.
This is because recognition technology can make recognition and reward more socially accessible and collaborative to employees, and it enables companies to flex their programmes to fit different business units’ needs resulting in more frequent recognition. In turn, this accessibility, flexibility and frequency drive engagement across employees.
These findings underline why companies need to partner with a social recognition and rewards platform provider to solicit the best engagement results, and alleviate operational pains, burdens and inefficiencies common to traditional methods of administering company recognition and reward programmes. Such partnering will sustain and increase employee engagement in their workplaces.
Platforms also capture important data necessary to monitor programme and staff effectiveness. They provide visibility and reporting into employee trends, views and performance, as well as offering central control of reward budgets.
Of course, programme adoption is the bellwether of success. High adoption equals high value and engagement impact. The Achievers Employee Success Platform™ delivers a solution that enables social recognition with reward, which dramatically increases employee engagement to drive success. Solutions achieve sustained increases in employment engagement, as well as providing human resources personnel with real-time reporting, budget tracking and a complete palette of features to see the most return on investment.
Achievers partnerships have resulted in, on average, 83 per cent employee user adoption, 31 per cent increase in staff retention with a 22 per cent increase in highly engaged employees and 95 per cent member satisfaction. Achievers can work with organisations to provide a solution that addresses and adapts to the unique needs of their business and culture.
To find out more visit www.Achievers.com