Peer-to-peer Recognition: Does it makes sense to implement it in your organization?
Why You Should Implement Peer-To-Peer Recognition In Your Business
Peer to peer employee recognition has become increasingly popular over the past few years, although some businesses may not know what it is. Alongside this, many might not realize how they can effectively take advantage of the practice or even the tools that allow them to do so.
The process is precisely what it sounds like and allows companies to reward employees for their productivity and the effort they put into the business. As the name would suggest, the majority of these is done on the recommendation of their peers.
There can be a variety of benefits to the practice, with the most notable being that it leads to a reduced rate of employee turnover while having a positive impact on work culture. These can then have a domino effect on the customer experience, as employees that are appreciated are happier and often have better customer interactions.
To properly take advantage of the practice, companies will have to know as much as possible about how to best utilize it. Once this is done, they’ll then be able to reap the rewards that come with focused and effective employee recognition.
What Is It?
Many companies may be familiar with manager to employee recognition, as it’s been the primary way that workers have been rewarded for decades. However, this may often be seen as a task or chore that a manager must get out of the way to keep an employee happy.
This can lead to a less personal and more inauthentic view of the award or recognition being given. The primary reason behind this is that many managers may feel that there’s no way to avoid giving the reward, thus leading to it being seen as forced on their part. This may also be felt by the employee.
Alongside this is the fact that many managers may not see the people under them regularly. As a result, some may not know whether a certain person deserves the award or recognition. While sales results and other statistics may highlight that they’re deserving, there can often be other areas that may not factor into this decision.
This is avoided through peer to peer employee recognition, which uses employee recommendations to reward employees. While much of this can be anonymous, it can provide a much more authentic touch to recognizing the work that an employee does.
This can often make them feel much more appreciated should they receive the award or any kind of perks based on their work. Alongside this, business owners and managers will be able to know that those who are recommended for the awards are more deserving, as they’re nominated by the people who see them the most.
This authentic approach means that employees will also be happier when they receive the reward, as they’ll believe that more thought and effort went into the nomination process.
There are a variety of ways that this can be implemented in a business. One of the more traditional methods that this has been done has been through weekly or monthly meetings where a worker receives the gratitude they deserve. They can also typically receive financial bonuses with their paycheck.
Many companies also believe that giving an employee rewards such as gift cards, among other awards, can be helpful in this regard. This is something that has had a positive effect on many businesses.
Because of the rising popularity of these types of awards, many firms have begun making this process much simpler. This has led to the rise of many apps and platforms that allow employees to nominate those who deserve a reward and for a manager or business owner to act upon these recommendations.
This is known as recognition software and has become increasingly popular for several reasons. The most notable of these is that it can provide each of the benefits of employee recognition while also making the process much quicker and easier.
Employee Recognition Statistics
Employee recognition can play a much larger role in your business than you might believe. This is because 82% of employees feel that they’re not as rewarded or recognized in their work as they should be. This is further highlighted by the fact that only 42% of firms have a peer-to-peer recognition system in place.
Some studies have also suggested that this process can have a positive impact on financial results than many manager-only recognition, with peer-to-peer recognition being 35.7% more likely to do so.
In terms of other positive results, 90% of companies that have implemented this practice have claimed that it has had a positive impact on employee engagement. This can have a further domino effect on the rest of the business.
Alongside this, companies that have implemented strong employee recognition practices are up to 12 times more likely to have better business outcomes than those who don’t utilize the practice.
Benefits Of Peer Employee Recognition
Though the statistics above may encourage you to try employee recognition software, many business owners may still not be convinced. This is primarily because they’ll want to know what the overall benefits for their company will be before committing to the practice.
One of the most notable of these is that it provides a better workplace culture throughout your firm. Peer employee recognition encourages workers to appreciate the work that everybody else does, which can lead to a better understanding of the role that everyone plays.
Alongside this, many employees will feel much more grateful when they receive the award, as they will believe that more effort and thought was put into it. This also helps to make the awards more meaningful.
Your employees should also feel much happier with the awards, as they’ll be able to choose the rewards that they want most. This will have a domino effect on workplace productivity, as workers will want to stand out more among their peers to receive the awards.
This also provides a large amount of openness and transparency around the workplace. If managers feel that some employees aren’t being recognized, then there’s a large chance that they do too. This way of rewarding them makes it much easier to determine who receives recognition while showing how and why certain workers did so.
How To Create Effective Peer Employee Recognition
There are several steps that you’ll need to take to ensure that you implement peer employee recognition that has a positive effect on your business. The first of these is to ensure that you have an appropriate recognition tool and that every employee knows how to use it.
You should also provide examples of what behavior should be recognized during the process. While this can vary depending on what your goals are, you could look at how attentive employees are during the workweek, how much they display company values, and much more.
Once the system has been implemented, managers should ensure that it’s being adopted and used effectively. This is something that they’ll need to check year-round to ensure that employees are using it consistently and in the way that the company desires.
This is especially true when it comes to new employees, who will need to be taught how to use the software during their initial introduction to the business.
How To Choose Employee Recognition Software
With the increasing popularity of employee recognition software, there have been a significant number of them released to capitalize on the market. This may lead to many business owners having a seemingly overwhelming choice in front of them. They also may not know how to choose the best one for them.
While the decision could be a personal one for the company, there are a few things that every business owner should look at when making a choice. The first of these is whether the platform or app is easy to use, especially for employees.
Workers will have a significant number of things to get through daily, which means that you shouldn’t want to add too much to their plate. This means that you should aim to use a platform that they’ll be able to use quickly and easily, which should increase interactions and engagement with it.
If the process is too much of a burden, then you should risk one of two things. The first is that employees may not be able to use it effectively, if at all, which can defeat the purpose of implementing it in the first place.
Secondly, you could run the risk of the process interfering with their workload. While the software may still provide benefits, this may come at the cost of reduced productivity, which will undo many of the advantages that it has.
You should also look at what support you will have once the employee recognition software has been implemented. While the majority of these platforms will have a certain amount of support, this can vary significantly depending on the company who created the software.
Though you may not need to use the support mechanisms often, it’s recommended that you choose one that will be able to help you quickly should you run into any problems. This could also extend into any training that people may need with the software, especially for those who are overseeing its implementation and management.
You should also look at the rewards that the platform offers. While the majority of providers will provide a significant number of them, you should know whether or not these will be appropriate for your employees.
For example, there may not be an advantage in choosing a platform that primarily offers sports-oriented rewards if few, or any, of your employees are sports fans.
You should also look at whether there’s a free trial option available to help you determine if it’s the right fit for your company. The majority of high-quality firms will offer this, which means that you can try the platform before committing to it.
Lastly is the price that you’ll have to pay. While this may seem as though it’s one of the first things you should look at, it shouldn’t be. This is because you may see much more benefits with slightly more expensive options than cheaper ones. This is primarily seen in the amount of rewards you’ll be able to offer workers.
What Is Nectar HR?
Nectar HR allows employers to recognize an employee’s productivity and dedication to the company and reward them accordingly. The software is simple to use and eliminates the need for manual fulfillment of these rewards, which means that companies can do so quickly and easily.
In addition to recognition and gift card rewards, Nectar HR gives employees access to a wide range of perks to take advantage of. This includes access to discounts on a wide range of products and services. Depending on the company, this could range from gym memberships to concerts, and even travel and wellness products.
The platform also includes a usage report of these perks, so companies will be able to determine which ones are popular among their employees. This could allow them to decide on the most appropriate perks and benefits to offer them while getting rid of any that may not be used.
In terms of employee rewards, there is a significant amount of choice for managers and business owners to take advantage of. This can be a much better offering that many other employee reward programs, as workers can choose which incentives they would like to receive.
This can better encourage them to improve their productivity and work ethic, so your overall business can be further enhanced. With Nectar HR, this can be much simpler to do than others. To take advantage of it, all you’ll have to do is send a gift card and your employee will be able to choose which brand they want to use it with.
Nectar HR also focuses on creating a good employee voice program, which focuses on creating short-term feedback loops within a business. This is done by creating anonymous and easy to fill out employee surveys. These surveys help HR decision makers quickly analyze the where the company culture is at and make decisions about where it should be headed.
The program captures the insights that matter most to a company and provides a holistic view of its strengths and weaknesses. This can then allow the firm to make stronger decisions, both in the short- and long-terms.
All of these surveys are automated, which means that your company shouldn’t have to put a significant amount of time into creating them. Instead, they’ll be able to spend more time analyzing and acting upon the results that are gathered.
The Nectar HR platform offers a significant amount of customizability, with this being seen on more than just the changing of perks. This can be seen in the branding that’s used. In contrast to many other tools. Nectar HR uses the logo and branding of the company using it, which means that it can be much more personalized to specific companies.
With the benefits that an employee recognition platform can offer a business, it’s becoming increasingly more vital to capitalize on them. Over time, these should be increasingly felt over your company and have a domino effect on the customer experience.
This means that using a simple and easy to use platform can have a much larger impact than you might believe. With many businesses struggling to stay competitive, this could give your firm the extra edge that it needs.
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