Earning recognition for a job well done can give any employee a shot in the arm. When a boss or colleague shows appreciation, it ignites the drive and motivation for continued success. On a broader level, there’s believed to be a strong correlation between company reward programs and employee engagement.
Creating a fully engaged work environment is what every organization should aspire to achieve, but evidence suggests many workplaces are lacking en engaged employees. Gallup’s Global Workplace Report defines engaged employees as “psychologically committed to their jobs and likely to be making positive contributions to their organizations.” These employees drive innovation and company growth, plus it’s no surprise that they’re considered to be the best colleagues. Problem is, only 30% of the working population in the United States meets that threshold.
Over the past year, we’ve implemented a new employee-recognition program to boost our engagement levels. We started using a company called YouEarnedIt that provides a software platform for peer-to-peer gratitude. Our “Fools” can reward their co-workers with “Gold” for any action they feel worthy – helping with projects, hitting a major deadline, etc. Earned gold can be redeemed in a catalog of prizes that span from gift cards to cooking classes and travel experiences.
Kara Chambers, one of our People Strategy Fools, is a strong advocate of employee recognition in the workplace and has been pleased with how “Giving Gold” has caught on at the company. In addition, she likes that YouEarnedIt’s live feed allows employees to read all posted compliments. Kara believes the feed increases companywide communication about what projects Fools are completing.
Being acknowledged in front of your entire company is awesome, but more research shows that the smaller, daily recognitions can also lead to deeper employee engagement. Each month, a small group of Fools are selected to attend an offsite event, whether it’s a soccer match or fun concert. An exclusive outing makes the reward even more special, and there’s a strong sense of collaboration in bringing different Fools together.
Trust us: rewarding your employees is a good idea. The success of your organization greatly depends on positive employee performance. Whether it’s a verbal compliment in passing or implementing an advanced tool like YouEarnedIt, you’ll likely be pleasantly surprised at the benefits of employee rewards.