In 2020, many leaders were forced to step up their employee engagement activities to ensure their teams stayed motivated and connected throughout a year that was predominantly spent in a virtual space. And sure, the company table quiz or the Christmas party over Zoom may have been a major hit with employees.
However, creating a wholesome and sustained culture of employees being actively engaged involves more strategy than having a party planning committee. Here is some food-for-thought to consider when trying to step up your engagement statistics in 2021:
Strong leadership skills are often more motivating than performance-based cash incentives.
According to a study conducted by McKinsey, praise and acknowledgement from your line manager are more motivating than a performance-based cash bonus. Our leadership training equips managers with the tools to establish a strong company culture that is productive; a symbiotic relationship where employees feel appreciated and engaged, and leaders feel as though their teams are meeting business objectives and happy at work.
Last year, the global economic crisis resulted in a reduction of discretionary bonuses within the workplace. Amid this recession, many leaders disregarded other streams of recognition. However, even when the world is not battling a pandemic, cash incentive programs still leave many teams feeling unsatisfied. On average, over $100 billion is spent on incentive programs in the USA, yet 69% of employees state that they would work harder if they felt as though their efforts were recognized. Investing in one of our leadership development courses to upskill your management in these soft skills can help meet this need.
Peer recognition can hold more power than management recognition.
No doubt, effective communication and acknowledgement from line managers is crucial to a successful working relationship. Mid-year and annual reviews, daily or weekly team check-ins, and perhaps even a coffee catch-up with the CEO are engrained into the fabric of many companies. The objective of these linear management meetings is to identify pain points, acknowledge achievements and ultimately increase productivity.
However, the value and impact of peer-to-peer recognition are often overlooked. An industry study found that peer-to-peer recognition is 36% more likely to have a positive impact on financial results than manager-only recognition. Aside from company performance, this level of recognition is often perceived as more sincere and fulfilling as peers are not obliged to give feedback in the way that it would be expected in a formal sit-down with your manager. Deploying an employee recognition application to your team can help to incorporate the behaviours into your organization. Click here to listen to a podcast about the importance of peer recognition.
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