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How REFFIND’s (ASX:RFN) WooBoard Can Help Smash Employee Recognition Myths

Summary

  • Employers do recognise the need for employee recognition and rewards but may end up resorting to age-old myths.
  • Few common myths include a lack of conscience for employee recognition and delayed recognition.
  • REFFIND Limited’s WooBoard is a breakthrough solution to employee recognition problems and challenges.
  • With changing times, employers need to focus on staying ahead of the curve in the highly competitive market for talent acquisition.

Many business leaders strongly believe in employee recognition programs and the crucial role they play in establishing a successful organisation. Desperate to improve employee morale and retention, employers may even implement a suitable recognition program. However, falling prey to common  misconceptions can emerge as a major setback to their efforts.

Some widely accepted yet false theories and misconceptions surround the employee recognition space. Choosing “the right way” to appreciate employees can save the recognition programs from falling flat. So, let us smash some very common employee recognition myths.

Interesting Read: Creating Winning Environment for Employees in the Era of Digital Workplace Through ASX-Listed REFFIND’s (RFN) WooBoard

Nah, I Don’t Need an Employee Recognition Platform

No better way to begin, than to debunk the most obvious myth- “Not Having an Employee Recognition Program does not make much difference”.

Often, some organisations neglect employee recognition or do not even consider taking out time to recognise their employees. This might trigger the feeling of being undervalued at work among employees. Everyone wants to be recognised for their smallest effort. If not paid proper heed, some employees might develop the feeling of being ignored, leading to low employee retention, and making employees less attentive at work.

Interesting Read: 3 Reasons Why Recognition is Important at Workplace; A Look at REFFIND’s Recognition Tool WooBoard

I’ll Keep Employee Recognition on the Back Burner

Recognition delayed is recognition denied. In several instances, employers feel that recognising employees for their behaviour and work is a one-time (yearly) task and not something to be on toes for.

This misconception can hurt employee sentiments as there stands a thick line of difference between awarding recognition on the go and simply stocking to open the box at an annual event. Recognition awarded on the go can help reinforce an employer’s needs as well as ensure continued positivity in the environment.

Did you read: Overcoming Challenges in Employee Recognition with Modern Way, REFFIND’s WooBoard Platform

Cash Rewards Are The Only And Best Method Of Rewarding

A little extra cash never hurt anyone, and everyone would love to be rewarded some amount of cash for doing an exceptional job. However, resorting to cash rewards every time cannot be the optimal way of rewarding the employees.

Many a times, employees rather prefer non-cash rewards if the reward is significant enough, like a vacation to network with other people or just a pat on the back in a gathering, depending on the type of work.

Modern-day employee recognition platforms are not only equipped with the latest technology but are also effective in awarding instant, public and meaningful recognition, creating a win-win situation for employers as well as employees.

Did you Read: Looking to Stay Ahead of Increasingly Competitive Market for Talent? Check REFFIND's WooBoard

Busting The Myths In Modern Competitive Environment

Software as a Service (SaaS) solutions provider REFFIND Limited (ASX:RFN) is focused on delivering an employee recognition solution that makes people feel valued at work. The employee recognition platform WooBoard is a breakthrough solution that is believed to ace the changing game of employee recognition.

The present business environment is continuously evolving. Therefore, employers not only need to leave behind the misconceptions undermining their recognising capabilities but also focus on matching the pace at which the employee management space is evolving.

Contemporary innovative employee recognition solutions are loaded with features to keep employers ahead of the curve in the highly competitive market for talent acquisition. WooBoard comes with a wide range of distinct features that ensure consistent exchange of praise between employees to establish a positive and enjoyable team environment.

Related: REFFIND’s WooBoard to Gain from Deployment as Essential Service in Fast-Growing Industries

Another reason for employers to maintain distance from these misconceptions is that the employee composition across organisations is changing and today’s workforce is dominated by the growing number of millennials.

Millennials are less likely to engage in traditional ways of recognition. WooBoard helps employers to overcome this and various other challenges involved with the implementation of a recognition tool. On top of that, it is a fun and interactive way of recognising employees as it offers vast features for the modern-day workforce.

A Stitch in Time Saves Nine

Employers need to pull their socks up and must consider modern-day solutions that are easy to implement and can adapt to the changes in the external environment. For example, COVID-19 induced restrictions compelled employers to consider remote working to ensure the continuity in the business.

Related: REFFIND Leveraging WooBoard Platform to Seize Opportunities Amid COVID-19

Employee recognition might have never been as important as in the present times of uncertainty where employees are in a state of flux regarding their jobs. A small token of appreciation or a simple announcement goes a long way. It provides the much-needed motivation to the employees to help them keep on trucking in these vulnerable times.

On top of that, engaging in any of the myths or misconceptions can prove to be a disaster for the overall business.

All in all, if an employer falls prey to employee recognition myths, these can cripple efforts to engage employees in a better manner. Staying away from such fallacies can result in better employee performance and help bring core values in the everyday efforts of the employees.

Related: Skimming Through Stance of REFFIND's Employee Engagement Platform in Remote Working Environment

RFN share price was quoted at $0.002 on 2 December 2020.  

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