Most of the most valued Silicon Valley companies have always relied on lucrative financial compensation to lure fresh talents.
That has been the time-tested and proven strategy to get the brightest minds straight out of colleges. However, the financial strategy of higher salaries had a limit as most of these companies saw.
Over a period when youngsters evolved into becoming fuller employees, money was not the only consideration they started seeking. The changing times meant things like the following started influencing their decision to stay or leave-
- Progressive company culture and positive working environment
- Right values, ideals, and principles of the company on social issues
- Better Employee Awards and Recognition Programs
In this article, we speak to leading experts working with some of the top tech firms. We ask them about how tech companies can exhibit employee appreciation in meaningful ways.
- Different Employees respond differently to Appreciation-
Not all employees working in a company feel motivated or appreciated in the same fashion. While words of praise from the top boss could work for some, others might be more motivated by trophies or crystal colored custom awards. Depending on what someone prefers more, the HR team can work accordingly to ensure that they feel appreciated.
- Appreciation from Peers and Colleagues matters a lot-
Many believe that the recognition should not only come from the higher management. Evolved employees also feel appreciated by getting accolades from their peers and work colleagues. This is why some of the best employee recognition programs have an inbuilt nomination model.
- Personal commendations and appreciations work best according to experts-
There are countless times when appreciation mails are blasted off congratulating teams. Tech teams need to understand that employees feel more appreciated when the messages are personally directed at them. Taking names in a public setting is one of the best ways to ensure that the appreciation carries significant meaning and is well received.
- Actions can sometimes speak louder than words in Employee Appreciation-
A lot of us have grown up thinking that words are nothing more than a medium to manipulate someone. This is why businesses need to pick up other strategies to show their employees that they care and want them to be part of organizations. In such cases, actions like spending more time with them, giving them more responsibility, or helping them finish a task matter more.
- Demonstrate Genuine and Honest Appreciation-
You will be surprised to know that employees pick up on things. If they feel that your appreciation is not coming from the heart, they will not consider the same. This is why, if you want to go for an employee recognition program or award, make sure that you are only awarding the employees that you feel deserve the same. Giving no appreciation is better than promoting false ones.
Technology and Employee Recognition: The Future
There is reason to believe that technology is going to play a major role in defining and influencing the future of employee recognition programs. This is natural as the rise of recognition software is playing a critical role in creating established programs for businesses.
The COVID-19 Pandemic has played a major role in making the shift from a physical to a more remote working environment. Like any other area where tech has helped in remote working, employee recognition programs are no different.
Most experts believe that the rise of social media platforms along with workplace apps are also employee awards and programs from becoming tech-oriented. The next few years are going to show and demonstrate a stronger engagement between the two.
The Bottom Line
Harnessing the power of R&R (Rewards and Recognition) can make the difference between a good company and a great one. A good company is one where an employee might stay or leave. A great company on the other hand is one where the thought of leaving will never cross the thoughts of an employee!
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