Whether it be a quick thank you at an opportune moment or an award at the company’s quarterly or annual awards, it’s always a word that means so much to the recipient.
In the recent SHRM/Globoforce Employee Recognition Survey it uncovered a connection between workforce recognition programs and engagement/ retention levels.
Among organizations that measure the ROI of their employee recognition programs, HR leaders observed increases in key metrics. More than half of survey respondents saw increases in productivity, customer/employee retention, employee engagement, return on profit margin, and return on equity as a result of having an employee recognition programme.
The % increases detailed were:
(1) Employee productivity – 63%
(2) Employee engagement – 61%
(3) Return on profit margin – 58%
(4) Customer retention – 52%
(5) Employee retention – 51%
(6) Return on equity – 50%
At Corporate Innovations we’ve seen, and experienced, how reward and recognition in the work place has evolved over the last ten years. It started with a brief thank you during an appraisal or 1:1, usually behind closed doors that no-one apart from the recipient would ever know about, through to nowadays the openly visible Walls of Appreciation and cross-company voting for awards. More forward thinking companies have moved towards full reward and recognition programmes that can reward actions from; adhering to company values, celebrating cross-team working, long service awards, meeting or exceeding sales targets through to a simple thank you for helping with something that has made a colleague’s life easier.
Embracing this evolution, combined with our experience, Corporate Innovations has created Recognition Plus - an online peer to peer rewards and recognition platform allowing colleagues to actively recognise the work efforts of their peers and recommend each other for awards. Employees are given the ability to say thanks via customisable E-cards through to nominating peers for awards in line with company values.
Nominations or recommendations can be linked to a point allocation that then can be accrued and spent through a Rewards Catalogue. On the company-tailored portal this information is all tied into a single splash dashboard which gives employees up to date details of the online activities – ensuring their continuing engagement with the programme.
There are different levels of involvement available, depending on the size of your wallet and also more apps to make it totally yours in a kind of pick and mix affair as we realise that not one size fits all. Be aware the need to say thankyou is not something that will dissipate over time... your employees need to feel valued in the workplace and at a very reasonable cost we can help you do just that.
Give us a call to start the ball rolling to a more valued future through Recognition Plus.