Rethinking employee rewards and recognition strategies for the new normal

IN today's world, especially with the onset of the so-called Great Reset, the search for skilled workers has become more competitive. Due to changes in demographics, companies need help to fill job openings while also facing the challenge of addressing high levels of dissatisfaction and low employee retention rates in their workplaces. Organizations all over the world are working to improve their employees' productivity through the implementation of different performance management systems. However, these systems often overlook the factors that drive workforce motivation within the company.

One of the critical factors in maintaining employee motivation is ensuring that they feel valued and appreciated. Yet, this can be challenging when rewarding the current generation. To effectively recognize and reward this generation, assessing past approaches and determining the most appropriate reward for the present age is needed.