Company culture is a critical part of any business. It can make or break a company. That’s why HR departments need to take measures to improve company culture. Improving company culture can help increase employee productivity and engagement, and it can also help reduce turnover rates.
When it comes to improving company culture, one of the best ways to do so is by increasing recognition and rewards. When employees feel appreciated, they are more likely to be more effective and happy at work.
HR management systems can help develop a rapport between employees and management as they can report back to their managers during their appraisals on they feel they are performing at work and can then declare their thoughts on how they feel they should be valued.
The Importance of Recognition and Rewards in Company Culture
According to a new HR survey where you can see the full results here, employees’ improved recognition and rewards are a high priority. About 26% of the respondents said an improved reward and recognition would help improve their company’s culture,.
When it comes to company culture, recognition and rewards can have an even more significant impact. This is because they can help create a positive feedback loop within the company.
For example, when employees are recognized for their excellent work, they are more likely to feel appreciated. This, in turn, makes them more likely to be productive and engaged at work. If the work standards are achieved at a consistent standard, then employees are entitled to state what they feel they are worth and recommend incentives on how they should be rewarded for their performance.
Improving Employee Recognition
One way that HR departments can improve company culture is by improving employee recognition. One of the best ways to improve employee recognition is to create a system that encourages and tracks it.
This can be done in several ways, such as:
Celebrating Employees’ Milestones and Accomplishments
One way to improve employee recognition is to celebrate employees’ milestones and accomplishments. This could include things like birthdays, anniversaries, and promotions.
You can also celebrate employees’ accomplishments by giving them awards or sending them thank-you notes.
Giving Employees More Responsibility
This could involve letting them lead projects or allowing them to contribute to decision-making. This shows employees that you trust and value their opinion, but it also gives them a sense of ownership over their work. And when employees feel ownership over their work, they are more likely to be engaged and productive.
Giving Employees Public Shout-outs on Social Media
This is a great way to let others in the company know about an employee’s great work, and it also enables the employee to know that their hard work is being noticed.
When you give an employee a shout-out, be sure to tag them in the post so that they see it. You can also include a photo of the employee if you have one. This is a simple way to show your employees some love, and it can go a long way in improving company culture.
Facilitate Peer-to-peer Recognition
In addition to top-down recognition from management, employees also respond well to recognition from their peers. Encourage a culture of recognition by setting up systems that make it easy for employees to give and receive praise.
Making Recognition More Personal and Meaningful
Recognition that is given in front of others or for a job well done can go a long way in improving morale.
Additionally, recognition tied to the company’s values can be particularly effective. For example, if one of the company’s values is teamwork, then recognising employees who have gone above and beyond to help others can be a great way to reinforce that value.
Implementing a Rewards System That Works
Employee reward systems enable companies to recognise their employees’ accomplishments by rewarding them with monetary or non-monetary incentives.
A good rewards system will encourage employees to do their best work and recognize them for their accomplishments. Additionally, a good rewards system will be tailored to the company’s culture and values.
According to a recent survey by Glassdoor, 79% of employees would prefer new or additional benefits over a pay increase. Specifically, the survey found more women (82%) than men (76%) prefer benefits or reward perks to a pay raise.
Younger employees aged 18-34 (89%) and 35-44 (84%) prefer benefits or reward perks for paying raises when compared to those aged 45-54 (70%) and 55-64 (66%).
Improved recognition and rewards remain the key to improving company culture. Companies can improve morale and increase employee engagement by making recognition more personal and meaningful, implementing a rewards system that works, and rewarding employees for their accomplishments.