Want to make the most of your employee recognition efforts? You’ll want to learn about the latest trends in results-driven recognition before you update your recognition program.
2015 WorldatWork report, “Trends in Employee Recognition,” finds that 89% of companies offer recognition programs. Participating organizations with cultures of recognition said their employees have higher engagement, motivation, and satisfaction levels.
The study suggests that, in particular, companies with results-driven recognition programs experience greater overall success. A “results-driven program” is designed to support organizational strategies and business goals.
Let the following data inspire and inform your own recognition efforts!
Consider a Results-driven Recognition Program
More and more businesses are launching results-driven recognition programs—53% of WorldatWork study participants have written strategies for their recognition programs, 97% of which align strategies with organizational objectives. More than half (51%) name increasing retention and decreasing turnover as a major program goal (up 10% from 2013).
The report identifies three types of results-driven recognition programs:
- Above-and-beyond performance recognition
- Peer-to-peer recognition
- Recognition programs that motivate specific behaviors
The majority of study participants offer at least one of these program types, 25% offer two, and 22% have all three. Those that offer all three results-driven recognition program types fare better, according to WorldatWork total rewards practice leader Rose Stanley, who issued a statement on the topic. Incentive Magazine managing editor Alex Palmer quotes Stanley in “Report Shows Importance of Results-Driven Recognition:”
“Organizations that include three result-driven programs more often say that they are meeting their recognition goals when compared to their counterparts with fewer result-driven programs.”
Stanley also notes that companies offering all three program types budget similarly to those using only one program. The difference? Those with all three consistently get better results in achieving goals, lower turnover, and higher employee engagement and motivation.
It Really Works!
ITA Group, which creates and manages recognition programs, provides a real-life example of successful results-driven recognition in case study, “Financial Company Experiences Engagement and Alignment.” The case study features a Fortune 100 company with 1,459 employees that aimed to increase employee engagement and align employees with its guiding principles.
ITA helped the company launch an online program. Employees recognized the core value of others’ positive behaviors through encouraging e-cards with personal messages. The recipients were entered into a quarterly points sweepstakes. Managers also awarded points with special recognition e-cards to employees who displayed core values. Employees redeemed the points for catalog merchandise.
Since the program’s launch, employee survey ratings of managers’ commitment to employee recognition have improved by 9%. There was a 9% increase in the number of employees who understood the company’s guiding principles and a 10.3% increase in peer-to-peer recognition.
Could results-driven recognition programs help your employees align with company values and business objectives? Maybe it’s time you found out!
For more ideas on how to use recognition to build an engaged loyal workforce, subscribe to gThankYou!’s blog,”Celebrating Work”. Click the button below to subscribe now!
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