So, what drives business performance? I would argue that if a company makes employee engagement a priority, they will drive the performance they are looking for. I’ve heard this question often asked: “If your employees are happy, does that mean they are engaged and performing at a high level?” While having happy employees is an important aspect of the overall employee experience, it is not the main factor that will drive business performance. According to Gallup’s 2016 “State of the American Workplace Report”, only 33% of employees described themselves as engaged. That leaves a whopping 67% of the workforce disengaged, with an estimated cost to US companies of over $500 billion each year.
It may seem obvious, but employees who feel valued by their employers will be more effective and profitable for the company and will stay at the company longer. In order to drive performance, it is important for organizations to recognize employees for key behaviors that contribute to the overall goals and objectives the company has outlined as metrics of success. With nearly 7 out of 10 workers disengaged, it is vital for companies to prioritize employee engagement and put a focus on their most valuable asset: their people!
There is no denying that appreciation is a fundamental human need. A well thought out and executed employee recognition and engagement program can help build a winning culture, reinforce your core values, increase engagement, and drive business results to stay ahead of competition.
When formulating an employee engagement and recognition strategy that will drive performance, some important considerations are:
- Define key behaviors for employees to exhibit that align to overall business goals
- Empower employees with the necessary tools to give and receive recognitions
- Give employees a choice in the rewards they receive
- Train, educate, and engage all staff on the recognition and engagement programs
- Communicate, communicate, communicate
With the introduction of our new engagement and recognition platform, called LuME, we address these challenges head on to help companies design, implement, and manage employee engagement and recognition programs that drive performance. LuMe will provide your organization with a way for employees, managers, and executives, to recognize others for the behaviors and performance YOU deem important to your overall strategic goals and objectives. Paired with our DIRECT-TO-RETAIL Rewards Xchange portal, employees can use their recognition points to shop directly at online retailers giving them the ultimate choice when it comes to choosing their rewards.
By Craig Flint