In today’s fast-paced and competitive business landscape, employee engagement and wellbeing have emerged as core priorities for employers seeking to attract and retain top talent. According to a recent report by the World Economic Forum, employee wellbeing has become a key driver of business success, with happy employees being up to 20% more productive than their unhappy counterparts. To gain more insights into how businesses can improve employee engagement and wellbeing, we turn to Reward Gateway, a leading provider of employee engagement and reward solutions.
Reward and Recognition as a Strategic Necessity
Gone are the days when employee recognition was a peripheral concern for employers. Today, recognition has become a strategic necessity that can impact engagement, motivation, and productivity. Studies show that employees who feel recognized are more likely to be engaged and productive, while those who feel undervalued are more likely to be disengaged and unproductive. Employee recognition can take various forms, from verbal praise to financial incentives, depending on the type of employee and the organization. Employers should strive to make recognition an integral part of their employee engagement strategy.
Wellbeing and Employee Engagement
Wellbeing is paramount to employee engagement. Employees who feel physically, mentally, and emotionally well are more likely to be motivated and productive. On the other hand, those who feel unwell are more likely to be disengaged and unproductive. Employers can encourage employee wellbeing in various ways, such as offering health and wellness programs, providing a flexible work environment, and more. When designing their wellbeing programs, it’s vital for employers to listen to employees’ needs and feedback since individual preferences and circumstances can differ significantly.
Visibility of Wellbeing Programs
Offering wellbeing programs is not enough; employers must also ensure that their programs are visible and easily accessible to employees from the start of their employment. This can involve creating awareness campaigns, providing training and support, and leveraging technology to facilitate participation and feedback. Visibility can increase engagement and participation in wellness programs, and help employees feel valued and supported by their employer.
The core strategy for employee engagement and well-being at Reward Gateway is HEART, which stands for “Hear, Empower, Appreciate, Resilience, and Trust.” This multifaceted approach emphasizes the importance of listening to employees, empowering them to do their best work, recognizing their contributions, promoting resilience in the face of challenges, and building trust between employees and employers. By implementing HEART in the workplace, employers can create a culture of engagement and well-being that benefits both employees and the business as a whole.
Investing in Wellbeing Platforms
The pandemic has taken a toll on employee wellbeing, with many workers reporting lasting negative effects on their mental and physical health. This makes it all the more important for businesses to invest in their wellbeing platforms now. By offering comprehensive wellness programs that address employees’ needs and concerns, employers can promote a healthy and supportive work environment that benefits everyone. Additionally, investing in wellbeing platforms can help attract and retain top talent, as more job candidates are looking to work for companies that prioritize employee wellbeing.
Employee Desire for Recognition
Despite the growing importance of recognition and rewards, many employees still feel undervalued and under-appreciated at work. According to a survey by Reward Gateway, 67% of employees would like to be recognized and rewarded more for their hard work. Employers should take note of this desire and seek to improve their recognition programs. By offering timely and meaningful recognition, employers can increase employees’ motivation, productivity, and loyalty.
2023: The Year of Rewarding Wellbeing
As the world continues to recover from the pandemic, businesses are looking for ways to prioritize employee engagement and wellbeing. According to Reward Gateway’s “Trends to Help HR Leaders Navigate Change in 2023,” 2023 is set to be the year of rewarding wellbeing. This means that employers must focus on creating a culture of wellness that benefits both employees and the business. By offering robust wellness programs, recognizing employee contributions, and promoting a supportive work environment, employers can create a workplace that attracts and retains top talent.
In conclusion, employee engagement and wellbeing have emerged as core priorities for businesses seeking success in a changing and competitive landscape. By implementing strategies such as HEART, investing in wellbeing platforms, and offering timely recognition, employers can create a culture of engagement and support that benefits both employees and the business. To learn more about how Reward Gateway can help your business connect, recognize, and support your employees, please visit their website.