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New Insync research shows that many organisations are missing an opportunity to sustain employee performance and create a better culture.
Nicholas S. Barnett, Insync chairman, said: “Many organisations aren’t taking basic steps to create a happier and more productive workforce, with up to 78% of employees disagreeing or indifferent about there being effective programs for recognising and rewarding achievements of people in their workplace.
“These results are disappointing as effective yet simple programs for recognising and rewarding staff achievements can be developed and implemented for significant organisational benefits. Initiatives don’t have to be expensive, such as appropriately thought out presentations and vouchers. It doesn’t have to take a lot to invigorate staff to achieve greater outputs.”
The report also shows that the extent to which employees agree that challenging goals are used to increase performance decreases over time; from 51% of employees with less than one year of service to 43% for employees with over 10 years’ experience.
“As economic times become more difficult, these results tell us that organisations can benefit from improving their performance culture to get more out of existing employees. Employees like to be set challenging goals, providing they’re realistic. Employees also enjoy achieving challenging goals. Organisations can gain a lot by getting staff feedback and developing and maintaining an effective performance management system,” he said.
This “reward and recognition” report is part four of The Insync Alignment Update, aimed to confirm or debunk common perceptions held by senior leaders faced with mission critical organisational challenges. The reports have also explored leadership, engagement and retention, corporate social responsibility and risk management. The last report is on market responsiveness.
Fourteen-thousand employee responses gathered from the Insync Surveys Organisation Alignment Survey was used for the five reports. Organisations, including those going through significant leadership changes or those adapting to new market pressures, use the tool to take stock and then devise the best path for a sustainable high performance future.