In this exclusive conversation with Advantage Club, Amit Chincholikar highlights peer recognition in R&R for this year and what the year 2024 will look like. Read this interesting and insightful interview to know more about his views on the modern workplace and earmarking employee reward budgets.
Could you share your assessment of the employee experience and rewards and recognition segment in the year 2023? What were some of the notable highlights?
2023 was about personalization and growth as far as rewards and recognition was concerned. Highlights included greater recognition for specific organizational priorities such as inclusion and diversity, values and innovation, and risk-taking.
What are the significant factors that will influence employee recognition in the year 2024?
The world may see more uncertainty in 2024 at political, economic, and individual levels. Employee recognition in 2024 will be driven by the recognition of factors such as resilience, risk-taking, daring to try, and initiatives that shape the organizational imperative of growth. An increasing trend of peer recognition will also be crucial in 2024.
It’s been found that only 52.6% of companies have employee recognition programs. Do you think organizations should prioritize R&R for culture building and employee retention?
R&R is an often ignored critical tool that organizations can effectively leverage. A culture of recognition and reward can often be a crucial differentiator in the Employer Value Proposition since it celebrates innovation, collaboration, and the fundamental human need for recognition.
How can organizations redefine total rewards in the modern workplace?
Organizations can significantly leverage aspects such as innovative benefits and recognition to enhance the overall impact of their rewards program. Most progressive companies actively look at these two aspects – since they recognize and reassure employees on two significant aspects that are relevant in today’s world – managing uncertainty dues to aspects such as health and fulfilling a fundamental human need to recognize and celebrate small victories and achievements.
What’s an appropriate amount for companies to spend on employee recognition per employee annually, considering their overall strategy and fairness for all employees?
It’s difficult to quantify this as a metric since it is dependent on the numbers and scale of initiatives, but progressive organizations could effectively earmark 1% of their payroll cost towards programs such as these.
