The concept of hiring is a two-way street. Companies are looking for top talent, and candidates are looking for a happy and productive work culture that could help them in their career paths. Many companies are seeing increasing numbers of unsuitable candidates for different positions, and hiring and retaining top talent has become a challenge. The SHRM says that Replacing an employee costs 50 – 60% of an employee’s salary and can even shoot up higher. This highlights retention and engagement more than ever, as a united and productive workforce sends out a message that the company hopes would reach people.
Candidates today are looking for a work environment that would allow them to learn and be productive. With the ever-changing dynamic of a conventional workplace, people prefer a space that is flexible and allows them to put in hours according to their convenience and ensure productivity. Creating a positive work culture within the organization is a crucial aspect that every employer is striving to create, as the focus is more people-centric than product-centric. Effective employee rewards and recognition program is one of the most important strategies which aligns with the employers’ objectives. Directly or indirectly, many surveys say that a positive work environment has directly impacted customer satisfaction, and this would eventually lead to greater profitability.
A rewards and recognition program works on principle. It is not just extra motivation for employees but is also a key aspect in promoting a healthy and competitive workspace. It has evolved to include peer-to-peer recognition and non-monetary incentives which adds a little more edge and looks at the bigger picture, which helps in creating an environment that is conducive for freshly joined employees as well.
IMPACT OF REWARDS AND RECOGNITION PROGRAMS ON A COMPANY’S IMAGE
Top talent is in demand. The employer and the employee must see if the candidate’s and the organization’s goals align and will help both in the long run. Speaking logistically, hiring costs a lot more than retention. Culture plays a huge role. Retention promotes a positive, motivating workplace and constant hiring indicates a chop and changes culture with high costs. For someone new joining the company, it is not just the alienness of a new environment but the hunger to prove themselves. This can be underlined by an already implemented and successful employee recognition program, as the new candidates coming in get an understanding that performance and productivity are rewarded in this organization. It indicates how important employee well-being is for them and ensures that the company culture aligns with it.
Established rewards and recognition program creates hype and a sense of excitement as well. It is now common practice for candidates to spend a considerable amount of time and research in getting to know what the employees feel and try and get an idea about the work environment from the inside.. An excited and eager employee who is fresh in the organization is a win-win for them and the company. The trail starts from here – employee motivation promotes job satisfaction, which makes the employee align their objectives with that of the company, and will eventually chart out their part of their career in lieu of their performance in this company.
HOW VEGA REWARDS POSITIVELY IMPACT THE WORK CULTURE
Vega Rewards was created with the objective of positively impacting a work culture with elaborate rewards and recognition system that is vouched for. It has helped retain and attract top talent consistently and has helped employees feel at home with an array of different coupons and deals from various brands, amongst other incentives. A major aspect to note is that it has helped shoot up the innovation quotient of many organizations.
CONCLUSION
Companies are putting in conscious efforts to welcome employees into the organization. Welcome kits, personalized messages, and informal orientation sessions are planned extensively with each employee to ensure that they feel at home. This, along with the R&R program effectively aligns with the company’s strategy to create a positive work environment that boosts employee morale. This boosts employee retention and motivates the employees towards healthy, productive competition.
