5 January, 2022
How Employee Recognition strengthens organizational culture during the Great Resignation
The wave of Great Resignation is wreaking havoc over a plethora of industries, across the globe. Originating primarily in the US, it has permeated workplaces worldwide. Global upheavals have caused morbid uncertainty, which in essence, has become a breeding ground for several professionals quitting their jobs, and employers are facing the inevitable brunt. The statistics are indeed alarming- A Microsoft study found that 41% of the global workforce and 54% of the Generation Z workers could be considering resignation. There has been a paradigm shift in organizational cultures over the last few years due to global upheavals and economic disruption which has taken a toll on the freedom and advocacy of employees, rendering the traditional employee recognition practices moot.
Suffice to say, the great resignation is happening, whether we like it or not. It’s widespread and likely to persist, unless companies can identify and scrutinize the root cause of this staggering development. This blog walks through the different ways a rewards and recognition solution can enable organizations to stem the tide of attrition and increase employee retention.
The profound link between resignation and recognition
As companies grapple with the new normal, a palpable shift in power has been observed. Not feeling valued by their organizations (54%) and lack of a sense of belonging at work (51%) are the prime reasons cited by employees for resigning. A few notable observations with regards to this are the lack of recognition, employee engagement, and harmonious professional relationships; ergo, if companies cannot or will not prioritize employees as the core nucleus, employee turnover is bound to multiply. Therefore, technologically advanced and consciously devised R&R efforts are the only hope to stabilize businesses amid these uncertain times.
Rewards & recognition is essential, not optional
Gone are the days when employee recognition was viewed as an elective decision; it has now evolved into one of the pressing needs in order to strengthen organizational culture. Adequate compensation is important, but just as important is how you recognize and value the contributions of your people. It is time to ignite the need for a systemic look at your R&R framework, and challenge the status quo if your company’s rewards structure is misaligned to the current reality of the marketplace. Your best bet to operationalize appreciation within and across teams is through a formal employee recognition program with an automated R&R structure, customizable digital award nominations, and an in-built reward redemption portal. A digital R&R platform can ensure a seamless, transparent, and consistent process that can deliver timely appreciation and motivation to your workforce.
Prioritize ‘workforce’ development over ‘workplace’ development
The culture of an organization, and how it manifests in the development of the workforce, is more important today than ever. For instance, the mental well-being of employees has come to the forefront in lieu of the great resignation. While employers are trying to tackle the burnout trend, without a structured approach, many lack the competency to overcome this challenge. A holistic R&R platform can facilitate adequate workforce development via incentivization of learning and development, live streaming of wellness sessions, and provision of professional counselling services catering to the mental and physical well-being of employees.
To paraphrase Amanda Cage, CEO of the National Fund for Workforce Solutions, “It is time to build an economy around working people; one that is holistic and recognizes workers’ humanity.”
Rethink and redo employee engagement
Employee engagement is not just a buzzword; it is in fact one of the most crucial aspects that can curb the great resignation. Adopting a digital engagement platform can create a safe space for employees to step up, participate, and engage. Quantifiable measurement using behavioral analytics and reports, AI-driven chatbots, performance-based metrics to streamline R&R efforts, and better collaboration through social features such as user posts, group events, and recreational sessions are a few ways to build a people-centric organizational culture. Read our article on the benefits of digitization with R&R tools to get a deeper insight into this strategy.
Diversity, inclusion, and equity is key
It takes immense strength to accept that outcomes are better when multiple ideas are included, when fuller representation is present, and diverse perspectives are heard. A meticulous DIE program is key to safeguard your organization from the great resignation wave, and a mandate for employee retention. An employee engagement platform can help in administering pulse surveys across the organization for proactive communication and feedback gathering; dedicated chat groups and virtual discussion forums for a diversified workforce can strengthen peer bonding and build advocacy for better inclusion. Extraction of anonymized data from company collaboration tools can also be facilitated through the platform, enabling measurable tracking of DIE goals.
Willingness to adapt and respond to change paves the path to deeper engagement and loyalty from all your stakeholders. This wave of resignation can be viewed as a golden opportunity for leaders to realign their corporate values and focus more on sustainable efforts pertaining to employee recognition, rewards, and engagement to strengthen your organizational culture. A hands-on approach towards your R&R framework is the need of the hour to curb employee attrition and strengthen organizational commitment.
Turn the great resignation into the great recognition! Connect with us for a free demo of our employee recognition solutions