These are exciting times in the corporate world. Technology continues to change traditional thinking. We’re finding new and better ways to motivate and inspire. Article after article tells us that recognition is moving away from points and prizes. Led by the Intranet, we’re seeing a big shift towards the importance of experiences and interaction. Why? You can thank social media and the revolution of sharing. Doing meaningful work and re-inforcing your corporate values is becoming more important to employees than a big paycheck.
Cash is no longer king because recognition is more valued
We live in an age of constant feedback. It’s no wonder that companies leverage the modern social features of their Intranets like profiles, badges, newsfeeds, liking, and sharing to tap into the largely successful social stream. A shareable achievement is sweeter when it’s seen by the employee’s peers because today’s employees see the big picture value in non-monetary recognition. They view an achievement badge on their profile as proof that they're valued and contributing to the company's success. If they feel valued, they stay. It’s a smart way to retain employees.
Invest in your employees and reap the rewards
Leveraging your existing investment in the Intranet keeps the conversation inside a single portal. Keeping recognition inside the firewall builds a repository of success stories and achievements that are searchable and discoverable. Making it personal and memorable drives the reward for employees. Additionally, using recognition to reward the right behaviours helps shape your corporate culture. This database of success stories helps managers discover the truly engaged employees that might be effective for helping their team succeed.
It’s more than just a “thank you”
We’re also seeing the trend of using recognition as a valuable tool for performance reviews. An employee’s achievements can be an important consideration when measuring engagement and satisfaction. Recognition also gives you a competitive advantage for attracting talent. It shows prospects that you value your employees with a people-focused culture.