In an international survey conducted on rewards and recognition for employees, 46% organizations responded that their senior management viewed employee recognition programs as an investment. Only 12% firms said that their senior management viewed these programs as an expense. The rest 42% companies refrained from taking a stand and admitted that they were still exploring the realm of employee recognition, looking to build their recognition strategy and systems in a formalized manner. Nevertheless, it is admitted with consensus that proper rewards and recognition play an instrumental role in driving employee engagement.
When your employee feels genuinely rewarded and honoured, she/he feels driven to engage better with the organization. Xoxoday Enterprise Rewards & Recognition platform helps you drive employee engagement and also lets you monitor engagement levels. Experiential gifting rejuvenates your employees and gives them clarity of thought. It leaves them in an ideal position to prioritize their KRAs and drive their career in the intended direction. In turn, the organization benefits as employees align their career goals with the business objectives.
Research by WorldatWork conducted in 2013 says that employees admitted a hugely positive effect of their organization’s recognition programs on their levels of engagement, motivation, satisfaction and retention. Employees from 64% of firms reported a positive effect on their engagement levels. 58% firms reported their employees feeling more motivated post recognition while 64% reported a higher employee satisfaction. 34% firms reported a marked rise in their employee retention rates due to driving recognition programs. Negative feedback from employees was close to negligible in this survey
It is evident that proper rewards and recognition programs drive employee engagement. Xoxoday Enterprise Rewards and Recognition software platform helps you drive your Rewards & Recognition systems and strategy as well as facilitates its alignment to your organizational strategy, goals and objectives. It thus won’t be an overstatement to state that proper Rewards & Recognition strategy and systems have become a hygience necessity of every type of organization across industries to keep their employees happy, engaged and productive.
How Rewards and Recognition (RnR) drive Employee Engagement?
According to a 2013 research in India, 73% of organizations that were rated as a great place to work by employees had a daily frequency of recognition programs. In contrast, only 18% of organizations that were not rated a great place to work followed daily recognition. Likewise, 60% organizations rated great to work for also had a weekly frequency of recognition while only 12% of organizations that were not rated a great workplace had a weekly rhythm of recognition.
The numbers tell the story. Monetary benefits are provided to employees by every organization. However, what makes the difference is the extra effort that organizations put in to reward and recognize their employees. Doing what every organization does puts your company at par with them. However, to stand out and excel, you need to actively engage your employees and Rewards and Recognition (RnR) is one of the best means to achieve that elusive engagement.
Who are the stakeholders in Employee Engagement?
While employees drive the business, Employers hold the vision. Simply put, engaged employees can secure better business results than their less motivated counterparts. Organizations need to devise RnR strategies that appeal to the tastes of their diverse workforce.
Employees are the greatest assets any organization posses. They can make or break the culture of the organization and it is important to keep them happy and productive. With high attrition rates challenging organizations worldwide, employee engagement is the need of the hour.
Customer satisfaction is a direct function of employee engagement. Only engaged employees can bring engaged customers for their business. It is important to recognize both employees and clients regularly.
Why should you select Xoxoday for Employee Engagement?
Value for money
Our experiences are a value-for-money proposition. Group experiences cost even lesser. Ably supported by our Cloud based SaaS technology platform, our RnR offerings cater to both the how and when of rewards and recognition. Xoxoday also offers vouchers – they come with a brand specificity, occasion orientation and redemption flexibility similar to experiences.
Xoxoday doesn't offer perishable gifts to reward your employees. Instead, we offer experiences which create memories for a lifetime. The modern workforce is not much interested in accumulating tangible assets or valuables. They want experiences that can align with their interests. Adventure, Gourmet, Tours, Getaways, Hobbies and Wellness are only a few of the varieties of experiences that can make your employees feel spoilt for choice. These also render a personalized, human touch to rewards, and help establish an emotional connect between you and your employees.
Our cloud based Enterprise RnR platform suits all kinds of organizations including multi-national corporations. With the help of our technology, you can customize rewards for your employees working at different locations. Our rewards catalog comprises of experiences and vouchers that can be redeemed anywhere across the globe.
Our experiences, vouchers and technology have a high visibility, and have been endorsed by a wide gamut of organizations. With Xoxoday, you can be assured of carefully crafted and assorted experiences that your employees would appreciate and enjoy.
As an enabler of RnR, our experiences, vouchers and technology platform stand well differentiated vis-a-vis the more conventional methods and means. We, at Xoxoday, believe that the methods of rewards and the means of recognition need to evolve with the evolving tastes and preferences of employees.
Experiences offer the variety and choice for employees to customize their own rewards and voice out the manner in which they would like to get recognized. And when appreciation gets communicated in a genuine manner, employee engagement follows suit.
"Trade your expectation for the appreciation and the world changes instantly." - Tony Robbins