Employee engagement is the key to the growth of a business. However, the lack of engagement is a growing problem in the business world. More than 70% of workers in the US alone aren’t engaged at work.
It’s commonly believed that employees who don’t actively participate in business operations aren’t sincere with their work. However, there are certain factors that take away the interest of employees and they start looking for other opportunities.
Some business owners try to retain the top talent by offering an attractive salary package. But sometimes, it’s not enough to retain them for long. Lack of reward and recognition programs at workplaces is the major reason why millennials switch jobs.
Reward and Recognition Programmes
Reward and recognition programmes make employees feel valued. Knowing that their efforts are appreciated, they actively take part in business activities.
You can reward your top performing employees with annual bonuses. Upon completing a project successfully, you can give them a day off or arrange a dinner to celebrate their success. Sending gifts on birthdays or work anniversaries also prove effective in increasing employee engagement.
Many business owners avoid investing in reward and recognition programs due to limited financial resources. However, you don’t necessarily need to offer monetary benefits to engage your employees and attract top talent from the market.
Regular feedback from managers and recognising the hard work of employees can also give positive results. When an employee performs exceptionally well, managers can appreciate them during meetings. This will also motivate other employees to give their best performance at work.
Why Millennials Expect Reward and Recognition Programmes at Workplaces
Around 36% of the workforce is made up of millennials. Therefore, it’s extremely important to focus on improving their engagement in the workplace. However, they tend to lose their focus when they feel like their efforts are going in vain and no one notices their hard work.
So, businesses should offer monetary as well as non-monetary incentives for their employees to control turnover rate. Power2motivate.co.uk can help you effectively manage employee reward program.
Promote a culture of appreciation. You can use a platform accessible to employees only. Managers can leave feedbacks for employees, whereas the employees should also be encouraged to appreciate each other. This will give your employees an extra boost of confidence.
Due to heavy workloads, employees find it difficult to maintain a work-life balance. You can allow them to work from remote locations or offer flexible work hours to facilitate them.
Incentive programs can also help you attract talented employees and retain them. On the basis of their performance, employees should be awarded points. They can redeem the accumulated points for travel incentives or gift cards. It’ll motivate them to perform even better the next month to get more benefits.
Millennial employees comprise a majority of the workforce. Therefore, it’s crucial to keep them engaged to retain them. Part of the reason is the lack of money that is made when starting out at a new company. In this case, direct lender payday loans can be a very useful asset. An effective way to achieve your targets is to introduce a reward and recognition program. This will make them feel valued and assist in improving their performance.