Managing the employee experience is getting more complicated every day. Along with new remote and hybrid workplace models and evolving expectations, there are so many technologies for human resources teams to consider and implement.
It’s obvious why most companies prioritize tools for benefits, payroll, and recruitment, but they may be overlooking the need for a reward and recognition platform. In the recent NAPCO Employee Incentives Report, sponsored by BHN, only 45% of companies report using a recognition platform to support their employee reward programs. Of those that don’t, nearly two-thirds (64%) of companies said they had no plans to implement one.
Once you understand the importance of employee recognition (and if you don’t yet, here are some compelling stats to convince you!), you still might be struggling to see the advantages of setting up a tool designated for just that purpose. Here are three reasons that an employee reward and recognition platform should be a key part of your HR tech stack.
HR departments, like practically every other team, are seeing more budget scrutiny this year, and organizations like SHRM have noted the need to optimize every HR technology used and program launched. Incentives can help with the latter, since they are an effective way to boost participation in all your existing employee initiatives, including those for learning and development, referrals, and wellness.
In addition, a seamless reward and recognition platform can even integrate those rewards into some of the tools your team and company use every day. For instance, with BHN Rewards’ integrations, you can overlay incentives easily and directly onto communication software like Microsoft Teams or a referral platform like Staffing Referrals, making those tools even more versatile and powerful.
READ MORE: How We Use Microsoft Teams as an Employee Rewards Platform
Employee rewards shouldn’t be solely an HR function. Whenever you can empower people leaders to recognize their team members, you not only ease the administrative burden on the HR department, you also make it easier to create a company-wide culture of recognition. By setting up a reward and recognition platform with appropriate permissions and user roles, you can give access to those on other teams without worrying about losing control of the budget.
About three-quarters of employers use surveys to collect feedback on their employee rewards, according to our NAPCO report. That’s important, of course, but the results may not give you the entire picture. Many companies still have very limited visibility into whether their employees are actually redeeming and using their rewards. A reward and recognition platform with robust tracking and reporting capabilities can fill in the gaps so you can fully see how successful your programs are. Being able to report on the effectiveness of your employee rewards is key to get executive buy-in for the budget.
Want to learn more about what other companies are doing with their employee rewards and what best practices you should follow? Download the full 2022 Employee Incentives Report from NAPCO Research!