Recognition and appreciation are the driving forces within a company. It is the only way to make employees realize that they are being noticed and wanted by the company. These have become a crucial part of every organization with the entry of Millennials into the work place. In U.S. alone, 53.5 million Millennials are working at present and this population is expected to grow in the near future. We also know the sensitivity of this generation and to keep them motivated, every company has started recognizing & appreciating them.
The efforts made by companies make millennials happy and feel as a valuable resource for the company but the question is, is this helping to retain them also? Is this bringing in employee engagement & satisfaction? Let’s find out the answer to this. But before that let us take a look at the modern ways that are followed to appreciate & recognize the employees:
- Incentives
Various incentives are offered to the stellar employees in every organization. These incentives hold a special place for employees as they feel as a valuable resource to the company. These incentives include a hike in the salary or a fixed amount added to one month’s salary etc. These incentives motivate the employees to perform better.
- Rewards
This is another way to keep millennials happy and motivated at work place. Employees who excel in their work are rewarded by the management of their respective companies with various Monetary & Non-Monetary Rewards. Free Lunch, movie tickets, music concert tickets, sports tickets etc. are some of its examples. These rewards make the employees happy and rest of the team motivated to bag them next time.
- Other Benefits
Some benefits like the Gym or yoga class reimbursement, time-flexibility, option to work from home, birthday off’s, urgent paid leaves etc. are also some of the benefits that companies provide to their employees. These benefits are offered to employees so that they enjoy their work & remain motivated.
These were some of the ways in which organizations recognize their employees to motivate them. But, the question is that whether these incentives & rewards result into employee engagement or not? These do keep the employees motivated but do they retain them also?
These benefits make the employees happy and feel valued but do not ensure employee engagement always. Employee Engagement is difficult to achieve but still, there are some factors that help in engaging the employees, Let’s take a look at them:
- Appreciating & Recognizing the Team
Whenever a set target is achieved, in most of the cases a full team work is involved in achieving it. And hence, it is good to appreciate the whole team in front of the rest of the employees. There is hardly any case in which whole of the success is because of one person. Appreciating the team may make them feel important to the company and hence keep them attached to the company for a longer period of time.
- Job Security
This is a priority for every person on this Earth & ensuring this to your employees will keep them attached to your company. It is very difficult to train a new employee to replace a stellar performer who is about to leave the office. Also, the employees find it very difficult to adjust in the new companies. So, ensuring job security eliminates the extra efforts of both the employer and employee.
- Growth Opportunity
Every employee wishes to learn new things and grow in his/her respective field. If you provide a full opportunity to grow I your organization then, there are very few chances that an employee will think to switch the company.
Just give a try to the above-mentioned points, these may help you retain some of your excelling employees. Stay tuned to Benefit One U.S.A. blogs to know more about employee engagement, satisfaction & retention.