- The number one reason employees quit is that they don’t receive recognition for the work they do.
- It’s not safe to assume your workforce is being suitably recognized, because the reality is that they likely are not.
- The knowledge and services workforces are dramatically different today.
Top employers are facing a perfect storm in the fight for talent. At the same time, Baby Boomers are rapidly retiring and new college graduates are significantly lacking the skills businesses are seeking. And if that isn’t enough, at least one third of the existing workforce is ready to quit.
The number one reason employees quit is that they don’t receive recognition for the work they do. Ninety percent of employers say they have some recognition programs in their workplaces but with only 13 percent of the global workforce engaged, these programs are clearly far from effective.
It’s not safe to assume your workforce is being suitably recognized, because the reality is that they likely are not. Their hard work is not appreciated, nor validated in a way that evokes inspiration. It’s time to re-think recognition— the main catalyst to engaging and aligning your workforce, driving improved business performance.
The knowledge and services workforces are dramatically different today. They crave a purpose driven company, regular feedback, career opportunities, and interesting work. With 70 percent of the world’s Gross Domestic Product (GDP) generated by the knowledge and services industries, the standards and ideals of the workforce are shaping the way businesses operate.
The Ultimate Guide to Employee Recognition will challenge conventional thinking and help you become more future-focused, so you can respond to the needs of today’s workforce and lead the way to employee success. You’ll learn to create a meaningful strategy from start to finish that yields higher levels of retention, higher customer satisfaction, exceptional employee engagement and alignment, and an unmatched culture of recognition and success.
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Part 1: The Case for Employee Recognition
Face the changing workplace head on and build your case for an employee recognition strategy.
The Modern Workforce and Changing Workplace
Organizations Now Complement Hierarchy with Cross-Functionality
As organizations become flatter, today’s employees have more opportunities to collaborate and thrive. Employees have more accountability and opportunities to take ownership and collaborate cross-functionally.
The Evolution of Cross-Functional Companies:
- Top down
- Information on a need to know basis
- Status and rank determine control
- Recognition is ad hoc and disconnected
- Authority broadly delegated
- Collaborative and bottom up
- Open information flow
- Status and rank are not key factors
- Everyone recognizes each other’s successes
The Drought of Skilled Employees Will Incite the War for Talent
The war for talent is on. Successfully recruiting and retaining top talent is a big competitive differentiator. The number of available jobs is on the rise, but the US economy will also suffer a shortfall of six million skilled workers this year.
By next year, 60 percent of new jobs will require skills held by only 20 percent of the population. This will impact your company and you must shift your thinking to stay ahead of it.
Millennials are Taking Over the Workforce
Today, Millennials make up about 36 percent of the workforce. This generation is unique and presents unique challenges for top employers to inspire and retain them. Constant feedback, clear communication, and collaborative work environments are key engagement drivers for this group.
Customer Centricity is the Rule
Today the customer is in complete control. Companies that prioritize the customer experience will prevail, as they generate 60 percent higher profits than their competitors by doing so. Your employees are ultimately responsible for creating repeat customers so you must empower them to OWN the customer experience.
Adapting to the modern workforce and changing workplace is critical to long-term business success. The foundation for new strategies begins with focusing on your employees and prioritizing what needs to change based on the reality of this new talent landscape. You’ll be set for success if you create a future-focused recognition strategy to engage and align employees.