The number one reason individuals leave an organisation is through lack of recognition. With poor engagement levels prevalent across the globe and a buoyant job market employee recognition schemes are a valuable and cost-effective asset to forward thinking organisations that value the contributions of employees.
A well thought out recognition scheme can help you to:
- Reinforce employee actions to mirror company values
- Foster a sense of belonging and a culture of appreciation
- Reduce staff turnover and recruitment costs
- Empower line managers to award positive behaviour
- Improve customer service levels
- Create a more productive team
The value of employee recognition
How to set up your own employee recognition scheme
Recognition can help you to improve retention and morale by giving your employees a sense of belonging and a feeling of actively contributing to the success of a wider team.
Using recognition to improve engagement
What should organisations consider when designing an employee recognition programme? How can they ensure they get the process right and maximise usage?
Employee recognition is more effective than money
A good recognition programme will include awards and merchandise incentives, rather than simply cash bonuses.
Cash incentives could cost up to 6 times as much as non-cash incentives and provide similar results. Over time employees come to expect cash incentives and as such, rather than recognising performance that goes above and beyond the norm, cash incentives lose their value over time.
P&MM create structured employee recognition programmes that can help you address all of these issues. Our schemes go further than you might expect, ensuring you get a return on your investment.
- Full reporting and measurement
- Branded off the shelf products
- Fully bespoke programmes
- Tactical promotional campaigns
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