How do cutting out reward and recognition programs undercut your company? For the answer, just look at this study from the Incentive Marketing Association.
In its white paper “The Time for Employee Recognition and Reward Programs Is Now,” the group says rewards and recognition provide the kind of engagement that create success for companies during tough times.
According to the report: “Creating and maintaining a climate of employee appreciation can make the difference – and it doesn’t always need a large budget. In fact, it can be one of the most effective moves an employer can take. Companies of all sizes need to make a conscious commitment to keep their recognition if they want to keep their employees engaged and productive.”
Some key findings from the report:
- Companies with recognition and reward programs outperform competitors.
- Recognition and reward programs are ROI compatible.
- Customer satisfaction, loyalty and profitability are tied to recognition.
Another interesting survey that’s from a collaboration between the International Association of Administrative Professionals and OfficeTeam, the admin staffing division of global giant Robert Half International, shows the power of a pat on the back. While supervisors surveyed rated job promotions and cash as the two most valued forms of recognition to administrative professionals, support staff favored a simple thank-you and having their accomplishments passed on to senior management. That’s “Thank You Power” in action. It’s free or inexpensive, it’s meaningful and it’s powerful.
Also, two out of three (66%) administrative employees said they would probably leave their jobs if they did not feel appreciated by their manager, while seven out of 10 (70%) admitted the company’s recognition program would factor into their decision to accept a job with a potential employer.
“While financial rewards should not be overlooked, the research shows there are other ways to effectively recognize someone’s commitment and dedication,” says Robert Hosking, executive director of OfficeTeam. “Administrative professionals are working harder than ever, but their accomplishments usually occur behind the scenes. Therefore, praise from supervisors or a colleague that is specific, immediate and genuine can go a long way toward keeping these employees motivated and loyal.”
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