3 months ago
Is employee unhappiness costing you dearly? Learn what these social recognition software can do for you
We all are aware of the fact that happy employees are far more productive than unhappy ones! On the other hand it is seen that unhappy employees cost the organization dearly. Statistics shows that the American workplace is plagued by increasingly low levels of employee engagement and that 7 out of 10 employees are not working to their full potential. Lost productivity costs due to disengaged employees in the US alone is approximately $450 to $550 billion each year. 46% of new hires fail within 18 months of hiring and 89% of these failures are due to the poor culture fit.
But we do have some good news for you - as per reports and surveys conducted, most employees are somewhat happy with their work and therefore reasonably engaged. They are however not known to be happy with the rewards and recognition from their company. And they believe that this is the area which is getting the least attention from their employees.
50% of the workforce by 2020 will be millennials and they are already a major part of the workforce today. They come with a different mind-set to workplace. Let us examine what they feel about their work environment.
When employees were asked to rank 12 factors that overall affect their happiness they prioritized in this manner – family, friends and health came on the top three, and work ranked 8th coming just before pets!
If we were to look specifically at the Millennials and how they are reacting to the working environment and examining, if, as a clan they were happy..
What would these findings mean to People leaders?
These reveal an unmet need in the industry today. While we have just said that work does not form an important factor for the overall happiness of the employees, they all hold a strong desire that it would become important and feel that it should be. They desire that it played a larger role in their happiness quotient. All unmet needs are also opportunities for change and betterment. An unmet need is surely an opportunity for employers and HR managers to increase the happiness of their employees. There is the possibility to have a more engaged and productive team by simply employing the best and the most efficient recognition programs
Disgruntled employees can mean great harm to your organization and HR Managers would have to be fighting their attitudes and wasting precious time.
All this brings us to the big question – Is it possible to bring some happiness back into organizations and its people.
Is there a way by which employees can once again feel appreciated, empowered, and excited to make strides in their chosen fields?
What is the role played by Employee Rewards and Recognition in their happiness quotient?
While there is huge population of employees wanting the rewards and recognition programs the actual percentage of employees offering this lags far behind. There have been 4 in 10 employers who don’t provide any reward program. No wonder that employees are dissatisfied.
As we all know an employee needs to be kept happy in order to be able to maintain a good working environment in your organization. Most employees who say that they are wedded to their jobs and contended are found to exhibit more capabilities and vigour at what they do and come up with novel thoughts.
The fact is that it takes very little and a very small reward to positively affect employee behaviour in a meaningful manner. According to a study conducted by Blackhawk Engagement Solutions, almost 75% of the workforce would complete after-hours training for a $35 reward when completing each segment while another 60% would take part in a wellness program for a reward of $25 which is indeed a huge return for a small investment. Thus we see that incentives, however small still matter and still work with employees. This is to be borne in mind while developing employee rewards programs.
What are the aspects that one needs to consider when designing a program? What would make the employees truly happy and motivated while being satisfied? How can organizations sustain this in order to keep their people engaged and creative for the long haul?
- The focus should be on recognizing and rewarding the employees beyond the typical hi-5 and pat-on-the-back
- The recognition should be personal and meaningful to each individual allowing for an easy, reliable and dependable flow of feedback amongst leaders and employees
- The goal is to bring focus onto the employee valuing and validating their performance thereby building a culture of positive and reinforced behaviour among them
- Recognition in Public will generate gratitude, pride and confidence all of which are immeasurable in the overall reward scheme
Social Recognition software and what it can do for your organization
Before we go into that, let us first look at what the term “social recognition” mean:
Simply put, social recognition is seen as the system and means of providing employees to employees, employees to customers, customers, partners, suppliers to employees with the tool to engage in meaningful relationships by recognizing one another. This tool enables the employee to celebrate the many successes within the organization which they experience each day. This improves the employee’s experience while providing an opportunity for them to shape the corporate culture
What can Social Recognition platforms do for your organization?
- These platforms provide instant peer-to-peer recognition programs
- This platform brings in a culture of social recognition and adds the ubiquity of social media and its success
- Choosing platforms that offer more than just the Social media features definitely adds value and organizations achieve the most out of software that foster an atmosphere of conversation, collaboration and recognition among employees
- By making use of the platform and embracing social media, companies are becoming aware of the greatest gain in using the currency that brings in higher payback – the desire for recognition
- This is the kind of recognition that allows employees to create a personal legacy within organizations
- Bringing to light the achievements and contributions of the employee, social recognition tools and social media transmits the story across the intranet
- Recognition of employees becomes a cultural asset with well written stories of achievements and success
- Budgets are now being reallocated to social media / recognition in most companies that are seeing the enormous value in this
Do you wish to be part of this social revolution at workplace? Send email to firstname.lastname@example.org .