In collaboration with the Society for Human Resource Management (SHRM), Globoforce found that HR leaders found that about half of HR leaders see employee retention, recruitment and culture managment as their top workforce management challenges. Reflecting HR known best practice, here are the key findings from the 2018 SHRM/Globoforce Employee Recognition Survey:
Adopt Values-based recognition programmes to drive business goals
According to the key findings of the report, Values-based recognition programmes – where employees are recognised and rewarded for behaviour that exemplifies a company’s core values – continue to be more highly adopted than recognition programs not tied to a company’s core values. Programmes tied to values are also more than two times as likely to be focused on reinforcing and driving business goals; a third more likely to be focused on empowering employees; and far more likely to be focused on creating a positive employer brand.
Invest in Recognition programmes
The new report confirms HR leaders who have invested equal to or more than 1% of payroll on recognition are more likely to agree recognition programs are fully aligned with the organisation’s people strategy – meaning tied to important business metrics such as retention rate of critical employees, strength of company values, and employee happiness. Compared to cost-saving recognition programs like “e-thanks,” programmes that have invested equal to or more than 1% of payroll are 86% more likely to be rated as good or excellent.
Use peer feedback to spur employee development
Only about half of HR leaders surveyed think their current performance management process is in anyway effective. Organisations that rely on more frequent performance reviews are more likely to use peer feedback, either ongoing or intermittently. 90% of HR leaders surveyed agree ongoing peer feedback and regular Line Manager check-ins have a positive impact on their organisation. Even if an organisation is not ready to forgo the traditional performance review, HR leaders can consider adopting frequent peer feedback as a supplement to improve the quality of conversations and employee development over the course of the entire tenure.
Celebrate life events to humanise the employee experience
Creating a community celebration of life events at work – such as getting married, buying a house, or having a child – can really help strengthen workplace relationships and employee engagement, making organisations more attractive to employees as well as potential and future hires. According to the report, employees are twice as likely to agree their company is a great place to work when they are satisfied with how life events are celebrated in the workplace.
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