There are many ways for businesses to retain employees. According to the 2021 Engagement and Retention Report by Achievers Workforce Institute, the following factors are the main ones that would keep employees at their current jobs:
- Work-life balance (23%)
A company that enables work-life balance means employees have a life outside of work. They can spend time with their loved ones and pursue their passions without worrying about job security.
- Recognition (21%)
Employees thrive when their hard work and ideas are recognized. There are various forms of employee recognition, which will be further discussed below.
- Compensation (19%)
Fair compensation means getting the monetary value equivalent to the employee’s skill set, expertise, and teachability. Their salary from the get-go, as well as salary increases moving forward, should be aligned with their growth and contributions to the company.
- Satisfactory working relationship with their manager (19%).
Working with a team and manager who respects and values one’s ideas makes it easy for the employee to propose improvements and innovations to the company’s ways of working. As one team, they can help drive the company’s strategic growth.
As seen in the results, employee recognition remains high in the ways to get employees to stay in the company. Today’s generation of employees wants their ideas and achievements recognized. Fortunately, there are many ways to explore employee recognition, and with HRIS software like GreatDay HR, employees can be recognized whether offline or anywhere they are.
But first, there is a need to understand what constitutes employee recognition.
What is employee recognition?
Employee recognition is one of the key strategies for recognizing an employee’s contribution to the company. Employee recognition can be:
- Bonuses or monetary recognition
This entails receiving an increment to one’s pay or an end-of-the-year monetary compensation
- A personalized note of gratitude
This can be either in the form of verbal or written praise. This can be shared individually or with the whole team or company.
- Formal recognition
This is typically the awards given during the company’s year-end celebration or anniversary. Examples are service awards, hitting the team’s KPIs, retaining clients, and more.
- Daily recognition
This type of recognition includes recognizing the employee’s daily wins and ideas that contribute to the team’s ideation and implementation of the strategy.
When employees receive these types of recognition, they are less likely to resign. According to a new Gallup/Workhuman survey, employees are 73% less likely to feel burned out when recognition is offered. When their ideas and efforts are recognized, employees feel that their talents are put to good use and have a significant impact on the company.
Fortunately, companies that have implemented the hybrid work setup can also implement these different employee recognition activities for both their onsite and online employees. They can do so with a full-suite HRIS and payroll software.
Employee recognition in the hybrid work setup
Onsite and online employees are entitled to the same set of employee recognition activities implemented by the company. There should be equal and fair compensation for everyone, regardless of whether they are in the office or working remotely. As long as they get the job done and exceed expectations, they deserve recognition.
For the hybrid workforce, implementing recognition activities that everyone can partake in is essential. And having the platform to do so is also a must.
The role of HRIS in employee recognition
That is where HRIS software comes into play. A full-suite HRIS software enables the workforce to stay connected with their colleagues while also making it easier to receive the compensation and recognition they deserve.
For instance, HRIS and payroll software GreatDay HR has the following features that make it easy to carry out employee recognition activities:
HRIS and payroll software like GreatDay makes it easy for the HR department to disburse employee bonuses or salary increases. Employees can also access their payslips through the platform to see if the change has been reflected.
- Virtual meet
GreatDay HR offers GreatDay Meet as a way to interact with the manager, team, and the whole company without using a third-party conferencing tool. Since it is integrated into the platform, it is easier to schedule brown bag sessions or team meetings for employee recognition. A company-wide meeting can be scheduled as well for formal recognition.
GreatDay also has an internal social media platform so that employees who are not able to attend company-wide events are updated with the news and recognition of their colleagues. They can also interact with and congratulate them.
- Polling, surveys, and announcements
Employee recognition also paves the way for company growth. Companies should also strive to align the employee’s growth and development with the company’s goals and objectives so both the workforce and the business grow.
GreatDay has a polling and announcements feature so that employees have a say in the company’s improvements and development. This ensures that the employee’s voices are heard and considered in the company’s growth.
Employee recognition has been made easier with the latest tools at the company’s disposal. Creating a culture where employees’ ideas and hard work are heard and recognized gives them a reason to stay with the company.
However, it is always best to remember that recognition is only a part of retention. Ensuring fair compensation, promoting employee accountability, and making employee learning and development accessible are ways to grow the workforce, which positively affects company growth later on. Luckily for businesses in the Philippines, a tailor-fit solution makes it easy to find, grow, and recognize local talent: GreatDay HR.
GreatDay HR is one of the platforms offered by SunFish DataOn Philippines Inc. (SDP), the leading provider of cutting-edge Human Resources technology solutions used by thousands of companies in the Asia Pacific region, including the Philippines. Together with its sister companies, Humanica Thailand and DataOn Indonesia, SDP creates HRIS and Payroll Solutions for employee empowerment across the board. With its 80+ staff and growing in the Philippines, SDP offers a comprehensive and smooth support service to all its valued clients.
