Become an Employer of Choice: Rewards and Recognition in the Workplace

If you’re in a hiring or management position, you already know skilled talent is in short supply and competition is high. Whether you’re looking for a seasoned professional or a recent grad, the best and brightest can be difficult to find. Once the right person is hired, you need to ensure that they are engaged and satisfied.

A reward and recognition program can help you do that.

A study conducted by WorldatWork shows that 86 percent of organizations have a recognition program. However, buy-in from senior management is lacking, with only 37 percent feeling that senior management actually shows a “high level of support” for recognition.

A culture of recognition has the simple goal of rewarding employees in a meaningful way, and may encompass several components, including performance recognition, work/life balance and career development opportunities.

Performance Recognition

Recognition must be given when it is deserved. Different types of recognition are appropriate for different behaviors. Company culture, ranking and the behavior being rewarded should be taken into account. There must be a balance, so that recognition remains meaningful and appropriate.

Some awards may be monetary. This could be anything from a team lunch to an individual monetary bonus. In some environments, contests receive excellent participation and foster results. If the culture is team-oriented, set a stretch goal that comes with a shared reward.

There are also non-monetary rewards, which are easier to give and sometimes better received. A “pat on the back” is time-tested and comes in many forms. A nod in the company newsletter, verbal recognition in a team meeting, or the simple act of stopping by an employee’s desk to congratulate them on a job well done goes a long way to boost morale.

Work/Life Balance

One of the hottest topics for today’s workforce is work/life balance. With so many channels of communication, staying connected is easier than ever before. Technology is at our fingertips; most work can be done remotely.

These opportunities must be managed wisely, but more employers are finding that flexible work schedules can pay off. When employees are given freedom in their schedules, they will find ways to get things done on their time — and feel more satisfied. The degree of flexibility you will be able to offer will vary. It’s about finding the right fit for your company culture and what it takes to get the job done.

Keep unrealistic expectations from burdening your workforce. Although employees can log in on their own time, understand that sometimes we all just need to “power down.”

Work/life balance isn’t all about flex time; it is about drawing parallels between the workplace and home life, and showing that you care. This could include inviting family members to work outings or celebrating employee milestones in the company newsletter — marriages, babies or personal achievements.

Career Development

Perhaps the best way to reward employees is to offer career development incentives. If you want your star employees to advance in the company — help them do just that.

On-the-job training is an excellent and mutually beneficial tool. It doesn’t even have to cut into the workload. Offer a lunch and learn program on up-and-coming topics, and motivated employees will gladly devote their lunch hours to learning a new skill or exploring a hot industry issue. Many employees also consider tuition reimbursement to be a coveted benefit.

Career development plans do not have to be costly. Managers should regularly meet with employees to gain an understanding of their career goals and discuss the path to achieve them. The ultimate purpose is to identify your employee’s most valuable skills and knowledge, and maximize them.

An employer of choice stands out by achieving a reputation of caring. While these initiatives require many working parts to keep the machine running, rewards and recognition are important components of a recruiting and retention strategy.

Topics Commercial Lines Business Insurance