Using Peer Recognition and Rewards to Attract Top Talent to Your Organization

Using Peer Recognition and Rewards to Attract Top Talent to Your Organization

The last few years have been an absolute roller coaster ride for the entire planet in general. The world of business has seen numerous ups and downs, and people have faced multiple health crises, but what’s been worse is the unpredictability of holding on to their jobs. In this entire situation, millions of people across the globe were fortunate enough to hold on to their jobs, but an even greater number of people lost their jobs. 

When the markets were low, recruiters had all the possible power needed to attract employees and hire them for a fraction of their pre-pandemic salaries. Applicants, too, were left with little choice as their savings were dwindling, opportunities were lost as fast as they came across, and multiple sectors in the market weren’t bouncing back quickly enough to provide suitable re-employment.

The Economic Bounce Back:

The Economic Bounce Back

However, in 2022, the world is seeing signs of a V-shaped economic recovery. The markets that had tanked and sectors that were laying off employees started seeing a sharp turnaround, and they were back to hiring. With the threat of the pandemic reduced to a great extent and the emergence of the markets from a slump, there were plenty of vacancies that needed to be filled. 

But as seen in multiple nations across the globe, vacancies were not being filled despite millions of people being unemployed and living on unemployment benefits. This was puzzling enough for all the HR teams in even some of the biggest companies across the globe. It was an unseen phenomenon, and it was unexplainable to many! But some on-ground surveys revealed that there were multiple issues that led to recruiters being unsuccessful in attracting any kind of talent to the organization. 

Some of the most common issues among those multiple issues that recruiters face to attract talent to the organization include inadequate pay, lack of benefits such as remote working, flexible work hours, and inappropriate assignment of roles at the workplace. Above all of these issues was the change in the attitude of employees, and this is what served to be the major roadblock for recruiters looking to attract top talent to the organization.

The Change In Attitude:

The Change In Attitude

The change in attitude that is being discussed here is the realization that many individuals across the globe had during the pandemic. The pandemic brought about a huge upheaval in the day-to-day lives of millions of families, from medical suffering to financial instability; everything made people realize that they no longer needed to prioritize work beyond what was necessary. 

A sudden difference was noticeable, and people focused more on holistic wellness; the idea of a healthy lifestyle was reborn, and millions of individuals had a revelation and began to understand that life was too fragile to be wasted in traffic and taking unnecessary pressures of work. No one wanted to go back and work in a toxic environment under obnoxious higher-ups only for money. It is here the recruiters failed to read the pulse of the candidates and often dealt with failed negotiations despite offering substantially higher pay and benefits.

Even as we’re done with more than half of 2022, the same issue persists, and recruiters are failing to attract top talent to their organizations. We at PeerFives firmly believe that one of the simplest solutions to this is the proper implementation of a peer recognition program:

1. The Fundamentals:

The Fundamentals

A fundamentally strong organization with impeccable ethics and morals is always going to be the first choice for any applicant or prospect. Hence, being such an organization is going to be the primary objective. If you can be an organization that has a decent legacy, a positive work environment, and a judiciously followed peer recognition program, the image of your organization in the eyes of the prospect is enhanced, easily influencing their decision to join your organization, favorably for you.

2. Feeling Valued:

Feeling Valued

Any individual who works hard to deliver solutions definitely does it to justify the paycheck they get but going the extra mile for the same deserves to be applauded. A simple post-it note or a pat on the back no longer makes employees feel valued. Especially if you are looking to hire top talent, you want to assure them that when they deliver, they will be adequately recognized and appropriately rewarded for the same. Having a system already in place shall help convince them of the same and make your life easier.

3. Eliminating Negativity:

Eliminating Negativity

A positive workplace where employees can deliver and be at their productive best while ensuring mental peace and healthy engagement is something that every organization desires but only a handful can achieve. We believe implementing a well-crafted peer recognition program can help your organization achieve this. By promoting instant rewards and public recognition, employees shall get due credit, and any lingering feelings of dissatisfaction will be eliminated; rather, employees shall be motivating each other. Using a comprehensive peer recognition tool such as PeerFives shall help convince your top talent of exactly the same.

4. The Promise of Growth:

The Promise of Growth

Yes, the top talent prospects you are aiming to hire might be prioritizing a positive work environment, minimal work stress, and overall well-being, but they most likely haven’t lost sight of their dreams, their ambitions, and their ultimate aim. Certainly enough, they are looking to grow and climb up the ladder. This is already playing on the minds of prospects while your organization’s HR team interviews them and negotiates. Hence, to land top talent at your organization, it is vital that you appropriately project their scope for growth by being a part of the organization. Make sure that they do not use you as a stepping stone or a means to bargain a better offer with a competitor. Using a peer recognition tool such as PeerFives shall empower your organization to recognize top talent within the organization, nurture them better, and ensure they are appropriately appraised to avoid attrition.

In conclusion, the use of a peer recognition tool such as PeerFives bolsters the confidence of top talent to join your organization, knowing that the process set in place shall ensure a positive work environment that is free from politics, partiality, and offers genuine growth. If your organization lacks this, you can avoid losing out on top talents available in the market, head to our website now and take advantage of our FREE 30-day trial.