How is the Value-based Recognition an Ultimate Solution?
As we know Millennials make up the largest percentage of the work force in United States today and this trend will remain the same in the coming years too. Millennials are on the lookout for meaningful work with ample growth and learning opportunities, flexible timings, remote working options and much more. Companies are well-aware about the expectations of the work-force and try to meet the same by rewarding and recognizing the employees. Value-based recognition has proved to be of great help in achieving the same. It has strengthened the relationship between companies who have implemented value-based recognition and their employees.
According to a Globoforce study, “Most employees i.e. 93% said their work has meaning and purpose when employers have value-based recognition programs, managers frequently check in on them and manager-employee relationships are strong”.
The Real Meaning of Value-based Recognition
Every company operates with a certain set of core values that are expected to be followed and adopted by each of its employees. For some companies, it may be timely deliverability of the work while for others it may be honesty etc.
Value-based employee recognition is the employee recognition program which recognizes the employees who are truly tied and related to the core values of a company.
Best Tips to Implement Value-based Recognition
To stay relevant in the present competitive time, it is important to know the motive and goal behind every action you take. So, the main motive behind starting to recognizing the employees on values is to increase mutual respect among employees at each level and tie them to the company’s core values.
Let’s take a look at all the ways you can plan and start a rocking recognition program:
1.Know the Goal
The goal behind value-based recognition is to motivate the employees by appreciating their efforts and encouraging adoption of the company’s core values. Also, to set certain guidelines to identify the deserving employees for the nominations.
2.Set the Selection Criteria
Having a clear idea about the selection process will make implementation a very easy task for everyone. You can set either monthly rewards or quarterly or annual for the behaviors you are reinforcing.Do not forget to include remote workers, contract worker, as well as freelancers in this program.
3.Go for a Simple, quick and non-partial Selection Process
Keeping the whole selection and nomination process clear and simple is very important so that it does not consume the team’s precious time.
4.Think for Unique Rewards
Recognizing employees is a great idea but what really makes it great are the rewards they receive. So, think out of the box and select rewards for the employees which are memorable and have a long lasting impact.
It is very difficult for HR Managers to constantly come up with ideas to motivate employees. Value-based recognition gives a clear vision of the company’s expectation from its employees. It is an amazing way to encourage employees to display value-based behaviors and work with motivation and dedication.
The study, conducted by Globoforce’s WorkHuman Research Institute, found that highest return on investment (ROI) for employers is values-based recognition, whereby employees are recognized for exhibiting their organization's values in their work.