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| Concept artwork about workplaces generated by Bing Image Creator (Dall E 3). |
Leveraging employee recognition, rewards, and incentives to foster engagement and increase loyalty in an evolving workplace environment, according to Blackhawk Network (BHN).
BHN's latest research highlights how leaders can help guide their organisations through these transitions:
Employee satisfaction and engagement
Employee satisfaction and engagement in Singapore has recently declined. Amid fears surrounding job security and pay, productivity has begun to suffer. According to BHN research, 93% of employees expressed concerns about their current employment situation.
The two top concerns were “pay increases that won’t cover the cost of living” (41%) and “being asked to do more without a pay increase” (36%).
The current uncertainty is clear, with one in four employees actively seeking new opportunities. They often prioritising pay and benefits when considering potential employers, said BHN.
However, the desire for higher pay alone is not enough. More than half (51%) of the respondents stated that they want more frequent recognition and rewards as part of a broader engagement strategy.
BHN VP of Incentives in APAC, Peter Malycon said: “Companies are encouraged to consider their recognition and incentives programmes, and ensure that they are aligned with the evolving needs of their workforce. Our research clearly highlights that employees are increasingly seeking not just higher pay, but more frequent acknowledgement for their contributions.”
The role of AI and technology in the workplace
BHN’s survey showed that 66% of employees are using AI in their roles, with 83% reporting an increase in productivity as a result. However, there is a delicate balance to be struck between leveraging AI’s benefits and maintaining human-centred recognition programmes, BHN noted. Employees continued to value personalised, timely recognition and rewards that reinforce their sense of value within the company.
The hidden significance of employee engagement and wellbeing
As AI continues to redefine the traditional workplace, re-engaging and rebuilding employee commitment will become more critical in the coming years, BHN suggested. Meaningful engagement, alongside efforts to support employee wellbeing, will play a key role in driving and enhancing business outcomes.
This is reflected in the fact that 81% of respondents indicated that receiving recognition and rewards from their company helps to keep them energised and boosts their loyalty. Moreover, 61% emphasised that the timeliness of these rewards is key. Digital or prepaid cards are a great solution to this and are loved across a range of ages and work environments.
“As we approach Employee Appreciation Day, Singaporean employers should consider how they can integrate both small and large-scale recognition tactics; it’s not just about the big bonuses, but about creating a culture where employees feel consistently valued and rewarded for their contributions”, Malycon emphasised.
Employee Appreciation Day, celebrated annually on the first Friday in March - 7 March this year - offers an ideal opportunity for employers to show their gratitude and celebrate employees’ achievements and contributions, BHN said.
