Given changes in business priorities and personal circumstances that have likely affected employees’ ability to meet performance expectations, organizations may ask managers to focus more on behaviours than just outcomes when assessing performance.
To manage employee experience and ensure business sustainability amid the rapidly changing world of work, leaders need to develop a structured understanding of rewards strategy, job evaluation, market benchmarking, salary structures, budgeting, and short-term incentives.
Rewards and recognition programs that are aligned with organizational values and objectives can influence desired behavioural outcomes and play an important role in asserting an employee’s sense of belongingness and commitment to organizations’ objectives.
The organizational view of performance and rewards is a continuously evolving paradigm, shaped partly by business results, partly by what society considers valuable, and partly by reliance on old mantras. But with COVID-19 adding an extra and unexpected source of pressure on reward strategies, what should we now be rewarding?
Most of the recognition practices which were the norm are now required as a robust virtual recognition program. It is paramount for each organization to determine their Virtual Recognition strategy as a part of their culture to sustain and increase the sense of meaningfulness in their employee’s minds.
In this crisis situation, the companies are majorly facing a dilemma over how to strike the perfect balance between the employee’s safety and wellbeing, as well as their employee’s efficiency and productivity.
As the crisis continues to unfold and brings many disruptions, reshaped consumers behaviour will lead to workforce consolidation, tilting towards a more vibrant, adoptive, driven and tech savvy workforce mix of millennials & GenX.