Why is Employee Recognition a need of the hour?

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06 Dec, 2022

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Recognition in human society holds a very important place. Similarly, Employee Recognition in a corporate environment makes the employee feel a sense of belonging to the organization. An organization’s success in today’s day and age requires recognition as a crucial component. Employees won’t give you their best effort if you don’t let them know how much you value them and notice all of their efforts.

In order to build a more emotional bond with your workers and foster a climate of motivation, vigor, and appreciation must be included. Peer-to-peer, manager-led, and leadership-led are a few examples of the different ways that employees might be recognized. However, the key to effective employee recognition is ensuring that employee reward and recognition strategies are implemented in a way that is meaningful.

What do the Statistics say on the benefits of Recognition?

Statistics have shown time and again that employees are more engaged, motivated, and ready to go above and beyond for their employer when they feel valued. In a recent study on employee appreciation, the following results were observed –

  • Organizations with formal recognition programs see 36% lower voluntary turnover than those without such initiatives.
  • They also have a 10x higher likelihood of successful business outcomes.

Impact of Lack of Recognition in Organisations

Lack of Employee Recognition can cost your company –

  • Falling employee retention rates
  • Drop in employee productivity and efficiency
  • Poor collaboration among teams
  • Decline in the employer brand value
  • Negative Company culture

The One Stop Solution – Employee Recognition Platforms

To help tackle this problem, various organizations have adopted Employee Recognition platforms. With the help of these platforms, Organizations in a variety of industries globally are able to inspire their workers in a hybrid workplace. Companies who have implemented Employee Recognition platforms may improve employee engagement, increase performance and productivity, drive values and culture, and foster learning and innovation with the support of their cutting-edge digital platform and consulting strategy.

An Employee Recognition platform provides your company security, a unified dashboard, real-time accessibility, customized recognition, and a reward structure. Employee appreciation must be given top priority by executives if they wish to promote employee, team, and business success. The open acknowledgment and praise of employee behaviour will yield great returns for the organizations in the years to come. It is important to make sure that you don’t leave behind as investing in employees is one of the most meaningful investments you can make since they are the pillars of your organization.

How can Alcor help?

Alcor’s High5 is an Employee Appreciation and Recognition platform built for businesses of all sizes. High5 enables businesses to connect all of their staff on a user-friendly platform and expedite their employee appreciation process! High5 is a fully automated, seamless, and cooperative platform that streamlines the process of recognizing and appreciating employees. This approach aims to develop a positive workplace culture, raise morale, bring teams together, keep people around in the long run, and inspire them to perform harder. This platform transforms into a terrific alternative for organizations of all sizes with

  • Customized Appearances,
  • Automated Birthday & Anniversary Recognition tools,
  • Streamlined Internal Campaigns for engaging staff, and
  • Different pricing options.

If your organization leverages ServiceNow across any of its service management solutions you can implement High5 on the go and enjoy its full benefits of appreciating and rewarding employees, thus amplifying your company culture many notches higher!

To know more, reach us at information@alcortech.com

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