Empuls, a SaaS platform from Giift Inc. and a leader in AI-led employee rewards and engagement solutions, launched its latest “Employee Recognition and Rewards (R&R) Trends 2024” report at the Xoxoday Convergence in Bangalore, India. This report provides trends and innovative practices from global organizations to help businesses benchmark and enhance their R&R programs.
Drawing data from 4,087 companies worldwide, the report highlights a shift from traditional rewards to strategic approaches promoting employee appreciation, celebration, well-being, and inclusivity. It offers best practices by leveraging data from Empuls and insights from external research and industry experts. This comprehensive approach encourages organizations to rethink their recognition strategies, driving sustained behavioral change and enhancing employee engagement.
The report covers key aspects of R&R programs, such as designing effective recognition frameworks, balancing monetary and non-monetary rewards, and celebrating an employee’s life at work and beyond. It also explores diverse reward options and redemption methods, providing HR professionals with data-driven insights to update their R&R programs to meet the unique preferences of their workforce.
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Key Takeaways:
- Future of Rewards: Innovative rewards are essential to meet the demands of younger generations as Baby Boomers and Gen X transition out of the workplace.
- Comprehensive Benefits Strategy: Rewards are evolving into holistic benefits programs integrating talent development and culture building.
- Holistic Recognition Experience: A diverse mix of rewards enhances the recognition experience, as 40% of employees are inclined to quit if not appropriately recognized.
Manoj Agarwal, Chief Product & Operating Officer – Giift, stated, “The shift is clear – engagement and R&R programs are no longer a checkbox on the HR to-do list. Instead, companies now use them as a strategic lever to reinforce desired behaviors, build a sense of belonging, and cultivate a genuine culture of appreciation. Our inaugural Employee Recognition & Rewards Trends 2024 provides insights on R&R practices across industries and geographies to help organizations benchmark and optimize their R&R initiatives.”
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