HR managers will understand that reward & loyalty is not a program, but a journey and a strategic business goal
During the past several years, the concept of rewards and recognition has progressed considerably. HR leaders have practiced and experienced the power of leveraging multiple factors in rewards management to attract, inspire and retain talent. Today, companies understand that their rewards and recognition programs empower them to engage talent in a better way. We, as a company, deliver a seven-pillar approach that identifies the ecosystem and includes business vision, HR strategy, culture and employee focus where R&R operates. It offers a framework to view R&R from the multiple dimensions of the employee life cycle within an organization. Certainly, a company’s culture, external brand value, geographical and cultural influences, engagement practices play a critical role in overall employee R&R as well.
The most effective motivators at any workplace are:
Work-Life balance: A concept that actively supports efforts to help employees achieve success at both work and home and enhance quality of life.
Compensation: It is not only about ‘what a person is paid’ as compensation, but also the direct and indirect rewards and benefits
Overall Benefits: This refers to other motivating benefits such as tax-friendly benefits, health policy, life insurance policy, paid vacations and leaves, membership to clubs and customized benefits.
Performance: It is about managing delivery of work and establishing expectations, assessment, feedback and continuous improvement towards accomplishment of business objectives and organizational success, rewarding milestones during the journey.
Recognition: It has a greater impact on the workplace and these recognition activities reinforce the values that the organization promotes among all its stakeholders.
Rewarding: It is an important aspect for employee engagement as it helps in building employee aspiration for achieving organization objectives. It also boosts employee morale and the feeling of team spirit.
Community Bonding: One of the greatest pillars of the framework that focuses on bringing in a feeling of community or family amongst employees through various initiatives through our incentive management program and encouraging internal social interaction. The end result is to enhance team spirit. These Seven Pillars mutually define Sodexo’s strategy and offering to manage and deliver the complete employee engagement framework. What’s showing great results is our successful offering to a leading national telecom operator for its employee engagement program through development of customized website, program management, communication centre for regular engagement and Periodic MIS & measurement mechanisms.
Future trends for the coming year
In today’s dynamic business, engaging employees has become more important and challenging than ever. That is why we are going to see a number of key trends unfolding over the next year.
Rewards as a strategic business goal: Human Resource managers will increasingly understand that reward & loyalty is not a program — it is a journey and a strategic business goal. Initiatives around it will focus on engagement and building long-term framework for achieving desired results.
Relevancy: Today’s employee wants loyalty programs to be ‘about me’ — individual, relevant, meaningful, etc. Companies need to understand their employees’ profile, needs and aspirations to show their employees that they’re listening and give them what they’re asking for.
The ‘Now’ strategy: Human Resource managers will take a more strategic look at ‘Now’ initiatives rather than later, looking at how best to use all the employee touch points including mobile in terms of both messaging and communication.
Social Recognition and Engagement: Organizations need to embrace this medium to be with their employees in real-time to understand the dialogues and discussions happening. Mobile involvement and Social gaming are two upcoming trends that would build lasting relationships, engagement, brand affinity, and brand loyalty.
Social recognition like peer-to-peer nomination and recognition of efforts and a dialogue window on these social platforms has a great importance for employees and brings an immense sense of being valued and recognized. It engages them fully with the program and is a great way to communicate efforts and achievements.
Customer and employee emphasis programs will play an important part in strategy for organizations and we expect to see greater focus on these areas in 2015. With engagement comes loyalty, advocacy, trust, passion–the soft side of the employee relationships that directly impacts the bottom line.