Setting up a recognition and rewards program is a big step for most companies. It’s a signal to employees that your company is making a commitment to them and wants to formalize employee appreciation. The most effective recognition programs are supported and funded by management and designed to be sustainable and support corporate goals. Accelir’s Rewards & Recognition: 2014 Trends Report shows that companies that recognize high-performing employees get a high return on investment from rewards and recognition efforts, and benefit with improved organizational and financial performance. Accelir’s research revealed that corporate decision makers look at technology, innovation, and cost in vendors for their recognition and reward programs.
Globoforce, a leading employee recognition solutions provider, recommends companies consider the total cost of ownership when looking at recognition and rewards software. Typical software has a three to eight year life-cycle, and companies should consider if they can support their employee recognition software for that length of time and whether they have the time and resources to develop technology for rewards and recognition.
In “10 Questions to Ask Before Building a Recognition Program”, Globoforce recommends choosing software that is easy to configure to your company’s brand, and to roll out quickly rather than over an extended time period for smaller companies with limited resources. Other considerations should include how do you plan to stay current, do you have the time to invest in managing a vendor solution over the long-term and how good a fit a vendor solution is with your company strengths.
Innovation doesn’t always mean a high price tag. And beware, the latest new-fangled program may not be a good fit for your company. Focus on matching employee rewards and recognition to your company’s strategic plans and employees’ perception of value. Forbes contributor Meghan Biro says leaders can rock employee recognition in ways other than just financial rewards. She suggests that recognition be in the moment (NOT annual), have context around business goals or business results, be appropriate in volume and scale, be authentic (not automatic), and tied to what employees want rather than what employers want to give. These are important considerations whether you are looking for a vendor or choose to manage your recognition program in-house.
While any employer would like to offer the best incentives and motivators to attract and retain employees, the reality is that there are few businesses that operate with unlimited finances. Budgets for rewards and recognition are part of the framework in which reward and recognition vendors are selected. Metrics help when it comes to the cost considerations of employee appreciation rewards. Use baseline measures for key areas of recognition that are tied to your strategic goals and track how much is spent and what the results are to see exactly what the return on investment is and next year you may have a bigger budget for rewards spending.
The Accelir Report highlights what employers look for in recognition program vendors. The real consideration is not how much can you afford to spend on recognition, but how much you need to meet strategic goals and motivate and recognize your employees’ efforts and achievements.
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