During periods of economic uncertainty, dry promotions tend to become more common, with companies favouring cost-cutting strategies over increasing employee compensation.
Recognition generally entails acknowledging accomplishments and performance results, whereas appreciation extends further by recognising an individual's inherent value and their contributions to the organisational culture.
Male remote workers saw a 15% decrease in promotion likelihood and a 10% drop in pay raise prospects compared to in-office counterparts. Women faced slightly lower disparities, at 7% and 8%, respectively.
By strategically prioritising sustainability and actively engaging employees, companies can not only achieve their ESG goals but also enhance their corporate image and improve their bottom line.
Bonuses are instrumental in attracting top talent to companies, as they incentivise high performance. Offering rewards linked to output tends to draw motivated individuals who are eager to contribute to the company's success through their hard work.
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People Matters Big Questions on Appraisals 2024: Serving or Sinking Employee Morale?