Understanding what really motivates your employees and using that knowledge to attract and retain the right people is important. Our specialist event management teams are seeing the number of employee recognition events increase. From employee appreciation days to full-blown award ceremonies, employers are looking for creative ways of rewarding the people that matter to their business.
Here are six key industry trends that help explain why employee recognition events are growing in popularity.
1. Employee recognition events help to build your brand
The right workforce is vital to a business’s growth. An employer’s brand marketing is essential in attracting talent in fiercely competitive markets. Companies are using many strategies and tools to share who they are, what they stand for and how they can benefit their workforce.
This is because in the age of social sharing positive employee experiences can be a great asset. Telling your company story and its benefits through individuals’ eyes is a great way to do this.
It’s not all about appealing to the reportedly self-centred millennials, either. They may be future leaders, but they’re not the only generation likely to share news of employee recognition and success online. The Consumer Technology Association in the US confirms as much in its post on Social Media By the Ages. This found that millennials and baby boomers born between 1946 and 1964 demonstrate similar online behaviours when it comes to sharing what they think.
2. Recognition is an investment that pays off
Some of the people I speak to who are considering a recognition event are concerned about the potential negative perceptions of spending money unnecessarily. However, just as many individuals view employee recognition as an investment.
Rightly so, according to HR.com, which shared a post listing 25 points that validate the power of recognition. These include findings that organisations with recognition programmes are 12 times more likely to see strong business outcomes.
3. Recognition helps to attract and retain talent…
Speak to any HR or people development team, and they’ll tell you that strategies for attracting new employees centre on stimulating an emotional response to your employer brand.
Companies want to be seen as the employer of choice when they’re competing to attract the best employees. What better way to convert employees into advocates than through recognising their achievements?
For the HR professionals and business leaders that my team network with, holding onto high performers is one of their top goals. That’s hardly surprising when it helps them to become (and stay) competitive – or when you consider the cost of recruiting new talent. The Wall Street Journal notes that it can cost “twice an employee’s salary to find and train a replacement.”
In a bid to retain their most productive people, employers are now looking at employee mobility. This is moving talented individuals into different departments or promoting them internally. With that, employers also need to appeal to each individual’s longer-term objectives, from work/life balance initiatives, mentoring and training to benefits packages, recognition and rewards.
4. …And helps shape the future
Being happy to promote a fantastic individual, or move them into a different department, means filling their shoes in the old role, too. An increasing number of businesses are actively engaging in succession planning. They are reviewing their current workforce, identifying gaps and future needs, and developing the next generation of business leaders.
Training and leadership development programmes are popular ways of readying people for an eventual move within the company. But those people must still have the desire to stay with the organisation. That’s where making them feel valued can make all the difference.
5. Your employees may not know about your recognition programme
Nearly 75% of organisations have a recognition programme, according to research from Globoforce. Yet only 58% of employees think their companies have recognition programmes. So, although most companies are making an effort to recognise good work, they are not always making enough noise about it. Award ceremonies, presentation evenings and team celebrations are all ways to do this effectively.
6. Successful employees mean successful businesses
As companies strive to control costs, increase productivity and grow, people remain at the heart of the best strategies. People are our heroes and they’re in the driving seat of their own careers. As RecruitDaily.com tells us in its Rules of Talent Attraction, it’s all about making your employees stars in their own story.
So if you value your team, want to attract employees and keep them happy – don’t just tell them, show them what’s in it for them!
Charlotte Young is director of organisational development for Capita Travel and Events. Find more advice on organising successful award events in our recent Destination magazine feature. Or, if you’d like to plan an employee recognition event, get in touch with our team today