When I entered the workforce in 1997, I wanted to find an employer that would offer me a long and fruitful career; a goal I shared with the Baby Boomer generation before me.
While this has been the experience of my wife, who has enjoyed 17+ years of employment with the company that recruited her out of college, I’ve worked for six companies in the almost 20 years since I graduated. One of the biggest things I’ve noticed? The social contract between employer and employee has changed.
Currently, the tenure of a knowledge worker is less than three years at a single company, and with the steady emergence of the “gig-economy,” I fully expect that number to continue decreasing over the next 10 years.
The rising cost of recruiting and retention accentuates the need, now more than ever before, for employers to do all they can to attract and retain high-performing individuals.
Tap into discretionary effort for maximum performance
I’ve had the good fortune of managing teams for the past 10 years. In that time, I’ve learned a great deal about how to get the most out of people.
To me, the goal of any good leader should be achieving maximum performance by tapping into the discretionary effort of their team members. By discretionary effort, I mean the level of effort people could give if they wanted; above and beyond the call of duty.
I always tell potential candidates that by hiring them, I’m purchasing 40 hours of their time per week, but my underlying intent is to tap into any discretionary effort they’re willing to exert by aligning their objectives to the success of their team, and the greater organization. To accomplish this, a clear understanding of the link between an employee’s efforts and business success is key.
Recognition for improved employee engagement
Employee recognition should be a tool that all leaders have at their disposal to elicit maximum effort from the individuals that value it (keeping in mind that not everyone does). Almost 70% of workers say they’d work harder if they felt their efforts were better appreciated.
Often, when employees feel valued, engaged, and emotionally committed to their work, they’re willing to go the extra mile for their company. The Corporate Leadership Council studied the engagement level of 50,000 employees around the world to determine its impact on both employee performance and retention. Two of the many important findings from this report were:
- Engaged companies grow profits as much as 3X faster than their competitors.
- Highly engaged employees are 87 percent less likely to leave the organization.
In the past, employee recognition was sporadic, often focused on tenure instead of performance. Sometimes it happened in public forums where leaders celebrated an individual’s accomplishments in a top-down fashion. Most of the time, recognition was given at the individual level in private conversations or correspondence (such as a performance review), likely not often enough to have a meaningful impact on employee engagement.
With the advent of the digital workplace, recognition can and should be given with more visibility and frequency; the end goal being a workforce made up of engaged employees.
Creating an engaging digital experience
Having tools that promote engagement and recognition is becoming essential to HR and IT initiatives in the evolving digital workplace. According to Aon Hewitt’s 2017 “Trends in Global Employee Engagement,” study, Rewards and Recognition ranked as the strongest engagement opportunity this year. But you need to find the right technology partner to help you provide an experience that your employees love to use in order for it to pay dividends.
I speak with companies daily that are faced with the challenge of replicating their “brick and mortar” culture in a digital environment. With their workforce spread out across offices, geographies, and time zones, they need to provide an employee experience that allows individuals to meaningfully connect to the company and their colleagues.
While many tools exist, those that focus on interoperability are the ones that are having the most impact. With the overwhelming quantity of tools and applications that exist inside an organization today, it’s critical to offer an integrated experience that plays to the strengths of each individual solution, resulting in a more efficient use of the entire technology portfolio.
To learn more about the impact employee recognition can have on engagement and performance, check out Achievers’ webinar, “Recognition that Works: Driving Amazing Engagement and Boosting ROI.”