Employers do not have to wait until appraisal season to reward their employees & channel partners. Employees are one of the most valuable assets of any organisation, and hence there is no harm in taking the time to show that you truly care, especially in the new age competitive business climate.
Several factors influence the organisation’s spending pattern on employee rewards and recognition programs. These include:
As the millennial’s entering the workforce, their retention is a big problem to the companies right now. Employee reward & recognition programs have demonstrated a positive impact on retention rates.
In the information driven economy, companies depend on employees to do more than their 9 to 5 jobs and engage in non-core functions that ultimately determine the success of key strategic initiatives related to productivity, customer satisfaction and innovation. Maintaining a healthy employee-employer relationship will drive mutual respect and open communication, which helps in overall development of the employee loyalty and engagement.
Each year, according to the Incentive Research Foundation, U.S. companies spend $77 billion to motivate and engage their workforce.
Corporate Spending For Non-Cash Rewards:
Indian Multi National Companies are now eyeing to recruit a huge talent pool and retain them using world class reward programs and continuously motivate and engage them.
Analytics-Driven Decision Making:
Human Resource departments are now using analytics driven decisions that have significantly helped to improve end to end performance of the business. Today, companies can have multiple reward & recognition programs to continuously engage the workforce.
Success of any employee rewards and recognition program requires HR department to answer a few questions because there is no such thing as a one-size fits all approach to developing a successful reward program.
For HR managers to be sure about the success of their reward program, they should answer few questions:
1. What are the different occasion employees like to celebrate?
2. How do you want your employees to feel on their achievements?
3. What motivates employees and partners at a individual level?
4. What type of recognition & engagement activity is being done by the company?
Confused on how it should be done!!
Welcome to Zaggle Reward, Recognition & Engagement Platform: Zaggle PROPEL
Zaggle Propel, an easy to use online platform to manage all your reward programs from a single integrated platform, with hierarchical architecture, to boost productivity, increase profitability and reduced attrition.
Our real-time analytics it gives organisations a better insight for reward budget allocation.
3PEMF- A well thought model to enhance Business performance.
Choose Propel to design, develop and manage the reward programs to increase productivity and employee retention.