In the last two years, the business world has undergone an unprecedented change. The pandemic not only affected the workplace but also acted as a catalyst, expediting the pace of change in all aspects of its operations. As the business world is rapidly changing, employee recognition and rewards are no exception. We have seen how important these practices are in remote working over the last two years in terms of keeping teams connected, boosting morale, and improving productivity.
As we all know, every company begins planning their investments for the new fiscal year. Planning your investments at the beginning of the year allows you to make better decisions, invest more systematically, give yourself enough time to grow, and avoid last-minute hassles. So, with an effective employee recognition plan, the new fiscal year will be the ideal time to engage the workforce and grow the business. Let’s look at the major trends and how they will impact workplace relationships in the coming year and beyond.
Digital Solutions
Owing to the massive rise of hybrid working, businesses have adopted an increasing number of digital solutions to manage day-to-day tasks. Digital is now a part of our everyday lives, from Zoom to Microsoft Teams, and the same will be valid for employee recognition programs as we enter the new fiscal year. Modern platforms make it more accessible than ever to reward your teams and connect them to your company’s core values.
People’s Power
With the onset of the Great Resignation, 2021 proved to be a challenging year for businesses as they struggled to fill roles in a sleek marketplace. It is more important than ever for businesses to improve a culture that attracts and retains the best talent. Companies customizing employee recognition to match their culture will be one of the biggest trends in the fiscal year 2022. Instead of outdated “Employee of the Month” awards, businesses can specifically design their recognition with effective tools to connect their people with their culture.
Peer-To-Peer
Peer-to-peer recognition has always been one of the most popular trends in employee R&R. Instead of managers giving awards, teams are encouraged to recognize one another’s accomplishments and efforts. This may appear to be a minor change, but it can add up to making a significant difference. Indeed, by empowering your employees to recognize their peers, you will make your employees feel more connected to one another and your company’s goals and values. It is a simple but effective tool that high-performing businesses can use for fostering more trusting relationships.
Beneficial Reward
Employee rewards are not a new concept. For many years, businesses have used employee rewards programs to foster a strong culture and create happy, motivated employees. However, with the inclusion of COVID-19 and the rapid shift toward remote working, rewarding has become a fantastic option for employers. It will grow in popularity in the new fiscal year. In today’s remote world, rewards add a distinctive touch that can help to create connections even if your employees are spread across the country.
Final Thoughts
Whatever strategy you choose employee recognition and rewards will be more important than ever. To succeed in this ultra-competitive market, businesses must recognize and leverage the power of their people to create engaged and unified teams that thrive in the post-pandemic hybrid ecosystems. This is where Zaggle Propel can come in handy. Our employee rewards platform is geared to your company’s needs, making it simple and enjoyable for managers to recognize and reward their employees’ milestones, enable peer-to-peer rewards, appreciate employees’ achievements and challenging work.
Visit Zaggle Propel or contact us for a free demo to see how our employee rewards and recognition platform can help you keep your employees engaged and motivated.
