Rewards And Recognition Equally Impactful To Keep The Workforce Engage: Advantage Club Report
Advantage Club, a global employee benefit provider recently released a report on the significance of rewards and recognition on employees’ performance and their overall tenure with an organisation. It states that both recognition and rewards are equally important, rather one leads to another.
About 85% of the organisations use the platform exclusively for R&R programs. As per the report released in 2022, Recognition is the second most important trait for an employee to focus on while working at an organisation. It was also identified that attrition rate went down by 45% among the recognised employees. Employee recognition and rewards have been shown to strengthen organisational values, teamwork, customer satisfaction, and motivate specific behaviors among employees.
Commenting on the release of the report, Smiti Bhatt Deorah, Co-Founder & COO, Advantage Club “Our report clearly signifies the importance of rewards and recognition in today’s work environment. At a time, when organisations coined the term “talent wars”, it was paramount to engage and retain the good talent. R&R programs are effective because they focus on the positives and give a clear message to employees that their contribution to the organisation matters. Rewarding great performance and accomplishments with items that your staff desire will keep them engaged and driven to do better. At Advantage club, we offer a plethora of options expertly designed for timely employee recognition consecutively leading to rewards.”
A robust reward and recognition program that is aligned with organisational values and objectives can create a heightened sense of belonging and dedication in employees. Creating the right culture where employees' work and achievement are celebrated, fosters affinity towards both the company and the job role. The report also identifies that effective reward and recognition programs positively influences employees productivity and also helps in retaining them for a longer period of time.
