Giving your employees the recognition that they deserve improves morale and productivity, reinforcing a positive company culture. Firms with a workforce that is highly engaged consistently outperform their competition and are a real driver for business success.
In fact, businesses whose employees are engaged and committed to their work are 81% less likely to experience reduced productivity through absenteeism and 18% less likely to lose staff to their competition . This stability in the workforce improves morale and reduces, if not entirely eliminates the costs associated with recruiting to cover attrition.
If finding the time to identify individual performance and tailor suitable reward and recognition strategies seems like an impossible task, then you may wish to consider investing in an employee recognition platform that will streamline your business operations, automating this function and saving time and money.
In this post, we explore the four primary ways in which an employee recognition platform can help your business to thrive. We are focusing on Software-as-a-Service solutions, as they offer numerous benefits over more traditional on-premise software models, including greater flexibility and reduced operating costs.
1. Software-as-a-Service (SaaS) saves time and money
When you choose a SaaS employee engagement platform, the administration and maintenance of the system is performed by its host who will ensure that your data is protected in accordance with stringent data security regulations.
SaaS offers immense flexibility, remote connectivity from any internet-connected device, full scalability and real-time updates. As the system is cloud-hosted, there is no need for complicated integration with your existing tools and systems, ensuring that implementation is immediate and seamless.
With SaaS, you can effortlessly recognise and reward your employees and celebrate their achievements without any additional administration burden. This saves time and money and frees your HR department to focus on achieving its strategic objectives.
2. Develop a culture of appreciation
Employee recognition is a fundamental driver of employee engagement. When you are able to select from an array of recognition tools, you can tailor your rewards to the needs of your workforce, selecting the most appropriate manner in which to recognise and praise outstanding effort and the achievement of milestones.
When staff know that their employer cares about their efforts and output and will be quick to reward the desired behaviours, they are incentivised to perform to the best of their ability. When your teams appreciate the recognition and reward options that are on offer, they bolster a sense of belonging and loyalty.
This positive work culture will permeate throughout the organisation, driving a can-do attitude, encouraging collaboration between departments and an increased ability to achieve joint milestones.
3. Instil a sense of fun
Many employee recognition platforms are designed to interact with employees and encourage their ongoing engagement. This is often achieved through a gamification element which offers the opportunity to "win" achievement badges, move up a leaderboard and achieve goals that have been set for them.
With the option to create individual or team challenges, gamification within an employee recognition platform can create a sense of fun, enhance collaboration and inspire employees to strive for greater heights.
4. Inform strategic decision making
HR professionals continually strive to understand the needs and aspirations of their firm's workforce. When the selected software is able to generate data relating to employee engagement, satisfaction and performance, it is easy to assess the effect of decisions made and to adapt processes and target areas for improvement to achieve measurable gains.
When raw data is used for this assessment rather than that which is based on individual judgement, it is simple to make the necessary changes whilst still nurturing a positive culture of continuous improvement.
The Terryberry solution
Terryberry is a leading supplier of technologies and techniques for employee engagement, well-being and satisfaction. We are proud to have developed an industry-leading SaaS software platform which delivers a comprehensive suite of employee engagement solutions for businesses across all industry sectors.
Our employee recognition platform alleviates the burden on HR departments, allowing HR professionals to focus on achieving their strategic objectives, supported by the data-driven analytics developed and interpreted by our tools and advice from specialist advisors.
Our system creates a one-stop portal within which you can recognise your staff for their achievement, reward exceptional effort, achievements or time served, support your team with their financial, emotional and physical well being and incentivise continued exceptional performance.
If your organisation is ready to prioritise employee recognition and reward, please contact Terryberry today for a demonstration as to how our tools can create a thriving work culture within your organisation by unlocking the potential of your workforce.