Employee recognition and employee experience go hand in hand in many ways. But making sure these two important things are working as they should is challenging – especially when your company is dealing with a difficult job market. In this article, we’ll explore how organizations can improve their employee recognition programs in challenging economic times.
There’s good news and bad news when it comes to the labor market in 2023.
The good news is that the constant pandemic-related job shifts appear to have slowed. Many companies have moved past “The Great Resignation” by focusing on root causes that were within their control to help retain talent.
The bad news, though, is that according to the Bureau of Labor Statistics, turnover rates remain high and many employees are disengaged in their work and are looking elsewhere to find that spark.
If you’re affected by this bad news, all hope isn’t lost. There is a lot you can do to address the employee experience in your company to attract top talent and keep them engaged.
What is Employee Experience?
At first glance, the term “Employee Experience” may seem like the experience an employee provides to the employer and the expertise they bring to the table. However, it’s actually the opposite: It’s the experience an employer provides to their employee as part of the team.
All kinds of factors affect the employee experience, including the physical workspace, the technology used, and the company culture. All of these components give an employee an impression of what kind of company they are working for and how they experience their workday.
Why is Employee Experience So Important?
That’s an easy answer: Among other things, an employee’s impression of the company and how they fit in it is a major deciding factor when it comes to whether or not they will stay with your company.
Retaining employees is vital to any company’s bottom line, but it’s not the only benefit to creating a positive employee experience. Employees who have positive experiences are more likely to:
- Be engaged in their work
- Be more productive
- Have lower absenteeism rates
- Produce higher quality work
What Makes a Positive Employee Experience?
One of the most powerful ways to create a positive employee experience is by creating a culture in your company that values employee recognition. According to Zippia, 80% of employees say they’re motivated to work harder when they’re recognized for their work by their superiors. In contrast, 44% of employees say that a lack of employee recognition is a major factor in their decision to leave a job.
Bottom line: Recognition is not only important, but it’s essential.
In fact, any plan you design to improve the employee experience in your organization will fail if you haven’t built employee recognition into your company culture.
Employee Recognition Trends for 2023
If you’re ready to start your own employee recognition program or you’re looking to revamp yours for more effectiveness, keep in mind some of the biggest trends for 2023:
1. Make it Personal
Generic, one-size-fits-all recognition is a thing of the past. Employees today want to see a personalized approach to how they are recognized for a job well done. Find out what makes your employees tick and align your recognition program to what they like.
2. Make it Often
It’s not enough to recognize employees only when reaching a milestone anniversary with the company. To engage employees today, you must ensure you are offering opportunities for recognition and incentives at regular intervals. Instead of 5 years, 10 years, and 25 years, think Day 1, 90 days, and 6 months.
3. Make it Holistic
Employees in 2023 have a better understanding of the importance of taking care of their personal well-being. Part of your job as an employer is making sure employees have opportunities to take care of their physical, mental, emotional, spiritual, and social well-being. Create incentives and opportunities for engagement that recognize the whole person and not just the work they produce.
To attract and retain the top talent in your field, you have to make sure you are providing the top employee experience.
At CoreCentive, we’re passionate about helping you find ways to up your employee experience game by providing employee recognition programs that work. Contact us today to discuss how CoreCentive can help get your employees engaged and motivated.