how to build an equitable reward and recognition program?

Recognizing people for their efforts and showing them the company values their contributions motivates them to maximize their performance. 

Companies need to have a process to regularly recognize their people.

But it is not just good enough to have a program in place. Building an equitable reward and recognition program needs to consider everyone within the organization. 

women have to work harder to get recognition 

A Ipsos survey found nearly half (47%) of employed women under the age of 25 feel they have to work harder.

The poll also found that woman think they need to be better than men to get recognition or equal opportunities. 

Lack of effective recognition and gender equality is negatively impacting an businesses ability to retain top female talent. 

68% of employed women say they can see themselves continuing to work for their current employer for another three years.

Only 51% of women employees feel motivated to advance in their career at their current employer.  

Women of color and younger women are less likely to stay with their current employer for three more years. However, they are more likely to feel motivated to advance in their career at their current job.

women are thriving in leadership positions

Women excel in all roles, especially in leadership. However, they often feel the need to put in extra effort to gain recognition for their accomplishments. 

Women spend more time than men on equity, diversity, and inclusion work that falls outside their formal job responsibilities.

They are leading the way in supporting employee resource groups and recruiting employees from underrepresented groups. 

Senior-level women are twice as likely as senior-level men to dedicate time to these tasks at least weekly. But their work is going unrecognized.

Something needs to change in work enviroments.

how companies can make their workplaces more inclusive through recognition & advancement

Employers must make changes to promote diversity and inclusion in the workplace and reduce gender inequality.

Here are some actionable ways to build an equitable reward and recognition program:

1. prioritize diversity during your recruitment process

Promoting diversity when hiring can help employers attract top industry talent. Women will be more likely to come work for an organization that recognizes them.

To prioritize diversity, create inclusive job descriptions, find diverse candidates, and use skills-based assessments and structured interviews.

These steps that you take during your recruitment process will help reduce gender bias. 

2. create fair and more personalized compensation and promotion procedures

To eliminate the gender pay gap and promote fairness in compensation and promotion procedures, it's crucial to establish a system that values equal pay for equal work on merit, rather than gender.

This compensation program guarantees fair payment and promotion for all team members, based on their skills and performance.

This program aims to prioritize fairness and openness. It provides personalized opportunities for career growth.

These opportunities empower everyone to succeed and make their best contributions. Gender does not play a role in determining who can benefit from this program.

Wondering how Randstad can assist your company in establishing this equitable compensation system?

Let's delve into how Randstad can be a valuable ally in ensuring fairness in your organization's remuneration practices.

3. promote qualified women from within. 

The promotion process needs to be clear to everyone in the organization. We should base promotions upon employee performance.

Only 24% of women understand the criteria for promotion. 39% have a general sense, 20% say promotion criteria are not clear and 17% say they have no idea. 

Employers can address this issue by implementing a consistent system for evaluating and promoting hardworking women. This will enable them to progress in their careers and increased employee morale.

4. give women credit and celebrate their accomplishments

Others often undervalue women. When women and men work together on tasks, people give women less credit for successful outcomes and blame them more for failure.

You can change this by celebrating women’s accomplishments the same as anyone else.

Ensure that you hear the women's ideas, provide direct feedback, and ensure that they are equal partners.

Promoting diversity and inclusion along with leadership helps boost company performance even more for women. Celebrating employees preformance should be top priority for businesses work environments.

5. offer flexible and supportive employee benefits.

There is a push to offer more flexible and supportive employee benefits. Making work-life balance and flexible work a priority in your organization helps everyone.

Flexible and supportive employee benefits help the mental health and work enviroments for all employees.

We all know the need for organizations to be more adaptive and less rigid in how they do things. Offer flexible hours for everyone, not just for women and mothers. 

6. integrate skill and professional development 

Helping women in the workplace means giving them the same chances to learn and grow professionally. Implementing equitable learning, training programs, and development initiatives is essential to foster an environment where every individual can thrive.

Create a workplace that values women's contributions and supports their professional growth by providing equal opportunities for all.

This will lead to gender equality and inclusive career advancement. This will lead to gender equality and inclusive career advancement.

7. provide mentorship  

Mentorship is important for success, but women may struggle to find influential mentors and sponsors. This disparity can hinder women's career progression and limit their access to opportunities.

To support women in their success, we require effective mentorship programs. These programs should ensure that mentors and mentees are well-matched and that there is a diverse pool of mentors available.

A mentorship program needs clear structures, educational workshops, networking events, support groups, and sponsorship initiatives.

Mentor training, feedback systems, and a long-term commitment are also essential components of these programs.

By doing so, we can bridge the mentorship gap and provide women with the support they need to thrive and succeed in their careers.

what woman needs from their workplace

We need businesses that are committed to recruiting, developing, and promoting a diverse workforce while providing unique opportunities.

Employers need to be fair and transparent, but also recognize the contributions of women to retain them.

We need more clarity on things like performance standards and expectations, so everyone knows where they stand. 

This will help women to make their case successfully and trust the feedback they get.

Offer strategic support and networks mobilizing women to ensure there is equitable reward and recognition for all.