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For many organizations, employee recognition has always been one of the cornerstones of effective management. However, today, with the global talent shortage and the competition for skilled employees at an all-time high, recognizing and rewarding the workforce has become more important than ever before. And we even have the data to prove it.
At SSR, our page featuring the best employee recognition platforms has been getting significant interest over the last year. There has also been a 45% increase in the number of people searching for employee rewards and recognition platforms in 2021, as compared to the previous year.
Further, over the last six months alone, there has been a 10% global increase in the number of searches for employee recognition programs. A recent incentive marketplace study found that US organizations spend $176 billion annually on incentives, gifts, rewards and recognition programs. And according to experts, this number is only set to increase in the future.
However, what's most interesting to look at, using Google Search Console, is what people are specifically searching for, aka the searcher's intent. Here are five terms that have had the most interest in 2021, along with the increase in searches over the last six months:
When we look at this data, it is clear that HR teams aren't just looking for any employee recognition platform — they're looking for a solution that actually works and provides real results.
What to Consider Before Buying a Rewards and Recognition Platform
With 44% of employees switching jobs due to lack of recognition for their efforts, there's no doubt that finding an effective system has become the need of the hour. So, if you haven't implemented a rewards/recognition platform for your organization yet, here are a few important things to keep in mind before buying one:
1. HRIS Integration:
If a vendor doesn't integrate with your existing HRIS, you're going to spend a lot of time and effort updating it every time a team member is onboarded/offboarded. It also means that you will have to allocate more IT resources to ensure that your rewards platform works seamlessly.
2. Integration with pre-existing communication channels:
Suppose your employees use communication apps like Slack or Microsoft Teams on a daily basis. In that case, the recognition platform you choose should be able to communicate with your employees through these channels. Not having another app to log into facilitates an increase in their usage of the rewards system.
3. Flexibility:
A good employee recognition platform is one that is flexible enough to support the specific needs and goals of your business. Whether it's wanting your employees to participate in a well-being program that your HR team put together or creating an elaborate reward scheme, the vendor you choose should be able to provide the flexibility you need.
4. Employee viral loops:
The success of an employee recognition program is significantly dependent on the virtuous cycle of employees getting and then giving public recognition. A well-run peer-to-peer recognition program sees around 90% of employees logging into the system each month to recognize their co-workers.
Without this viral loop, HR teams are either forced to continuously beg people to use the system - or risk this tool having little to no impact on company culture.
Recognizing achievements and providing rewards through recognition software will help boost employee engagement, make your teams feel more valued, and more engaged in the success of your company. It truly is one of the key stepping stones to organizational success!
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