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Industry Report On Employee Rewards and Recognition Trends for 2021

This report accounts responses of industry experts from various countries over a Virtual HR Conclave conducted in 2021. It highlights the importance of agile rewards and recognition (R&R) trends for your remote workforce.

Industry Report On Employee Rewards and Recognition Trends for 2021
 
Table of Contents
  1. Executive Summary
  2. Key Objectives
  3. Methodology
  4. Key Findings
  5. Importance of Rewards and Recognition for Remote workers
  6. Latest rewards and recognition trends
  7. Future of digital rewards and recognition trends
  8. Key takeaways of this report
  9. Conclusion
Key Objectives
  • To highlight the global HR challenges for remote working.
  • To highlight the prominence of Agile Recognition for remote workers.
  • To publicize the top digital Rewards and Recognition trends for 2021.
  • Enhance employee experience and performance in a company.
Methodology
The completion of this report comprises 248 responses of industry experts from various industries across the globe. The list of countries includes the U.S, Singapore, India, Indonesia, Canada, Australia, U.A.E, and many more. The questionnaire focused on rewards and recognition trends for remote working. It had open-ended and multiple-choice questions on HR challenges with remote working and Agile R&R trends for 2021.
Key Findings
The data collected from the respondents give us new insights into Employee Rewards and Recognition.

1. Insights on the objectives of Rewards and Recognition programs in a company.

Index
  • Motivation towards innovation and productivity
  • Scaling Employee Advocacy
  • Aligning Employee behaviors with Organizational Values
  • Attracting Great Talent
  • Employee Retention
Insights on the objectives of Rewards and Recognition programs in a company Fig: Insights on the objectives of Rewards and Recognition programs in a company

2. Respondents on the importance of Rewards and Recognition platform to remote employee engagement.

Index
  • Agreeing for Rewards and Recognition Platform
  • Not sure
Respondents on the importance of Rewards and Recognition platform to remote employee engagement Fig. Respondents on the importance of Rewards and Recognition platform to remote employee engagement.

3. Initiatives that have the highest impact on overall Employee Engagement and Recognition during remote working.

Index
  • Unlimited Paid off
  • Adopting Digital R&R platform
  • Bonus and Incentives
  • Posting Certificates and Plaques
Initiatives that have the highest impact on overall Employee Engagement and Recognition during remote working. Fig. Initiatives that have the highest impact on overall Employee Engagement and Recognition during remote working.

4. Factors that should be kept in mind while adopting Rewards and Recognition programs in this Covid-19 situation.

Index
  • Supporting both monetary & non-monetary recognition programs
  • Easy Customization or personalization
  • Technological Integration
  • Mobile Responsiveness
  • Presence of other functionalities (e.g employee survey & wellbeing)
Factors that should be kept in mind while adopting Rewards and Recognition programs in this Covid-19 situation. Fig. Factors that should be kept in mind while adopting Rewards and Recognition programs in this Covid-19 situation.

5. How the digital Rewards and Recognition Platform managed to innovate remote workforce engagement.

Index
  • Connecting Dispersed Workforce
  • Easy and real-time tracking
  • Enhancing HR Efficiency
  • Transparency among the peer groups
Initiatives that have the highest impact on overall Employee Engagement and Recognition during remote working. Fig. How the digital Rewards and Recognition Platform managed to innovate remote workforce engagement.