With the inherent uniqueness of the individual in the corporate workforce, it is a virtual impossibility to find a one size fits all approach to incentivising employees. An un-incentivised employee is likely a disengaged one, meaning aspects of your business such as innovation, productivity, and retention could suffer. Furthermore, a workforce should be recognised and rewarded for embodying clearly defined corporate values or meeting specific company goals in a highly visible way, otherwise, employees may lose sight of the relevance of their work to the overall company mission, leading to disengagement and eventually attrition.
Moving from Disengaged to Incentivised
In their recently published report, Tomorrow’s Management Today: Incentivising Workforce Innovation, The Aberdeen Group further stresses the importance of instituting and maintaining a well-defined, highly visible recognition and rewards program. Specifically, the report finds that employees at Best-In-Class companies were 31% more likely to stay with their employer if they felt that their work was relevant, and visibly impacted the organisation. One of the easiest ways to ensure that recognition reinforces successes aligned with company values in a highly visible way is by investing in an HCM system that offers a robust, goal-based recognition and rewards component.
In-line with Alignment
Employees shouldn’t have to guess as to what the values and goals of their given organisation are, nor should it be difficult to recognise and reward them for adhering to these values in pursuit of the stated goals. These shared goals and values should be apparent to everyone in the company, regardless of job title. Difficulty in effectively communicating key corporate objectives on an enterprise-wide level, isn’t a new phenomenon; companies have long been challenged with providing granular clarity to lower-level employees. Merely, announcing these goals at a quarterly kick-off meeting or sending them out in yearly newsletter does little to align individual employees’ around these goals.
Bottom-Up Drivers of Greater Productivity
Where it was once difficult to measure concepts such as productivity, innovation, etc., the continuous evolution or HCM systems, specifically those emphasising recognition and rewards, can offer a tangible measurement as to the employees demonstrating those qualities a company values most.
About the Author
Iain Ferreira is the Content Marketing Manager at Achievers. He lives in San Francisco.