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Ratch/Shutterstock.comAn employee rewards and recognition program in your workplace has a positive impact on your bottom line

By Barbara Bowes, Legacy Bowes Group

For several years, baby boomer retirement issues were identified as the top priority in many human resource surveys. Today, the issue of employee engagement is taking over the primary lead. In fact, one survey reports that 94 per cent of participants identified employee engagement as their most important workforce challenge. 

Yet, what is employee engagement and why should Piling Canada readers be concerned? Employee engagement refers to whether or not employees have a positive or negative approach to their work and whether or not employees are willing and/or not willing to perform at their best in ways that further benefit their employer. The reason for concern is that employee engagement has a direct impact on business success and profitability.

Studies also show that employee engagement is enhanced when managers are effective in developing their employees, providing feedback and recognizing and rewarding their employees. This also suggests that leadership styles are finally transitioning from an autocratic authoritarian style to one of collaboration, coaching and mentoring of employees. As well, and more importantly, it is evident that employee reward and recognition programs are no longer simply that annual warm and fuzzy “must-have” event, but instead, programs are emphasizing continuous feedback, recognition and reward.

It is noted from a review of websites that many Piling Canada readers recognize the value of their team members and market this philosophy as their competitive advantage. However, how successful are you in integrating reward and recognition into your everyday informal management style? How successful are you in the strategic implementation of a formal reward and recognition program?

The following set of guiding principles will ensure all forms of your rewards and recognition program are in alignment with your business strategy and will lead to an engaged workforce and increased profitability and success.

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Piling Canada is the premier national voice for the Canadian deep foundation construction industry. Each issue is dedicated to providing readers with current and informative editorial, including project updates, company profiles, technological advancements, safety news, environmental information, HR advice, pertinent legal issues and more.