How to Create an Effective Award Strategy
 

How to Create an Effective Award Strategy

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Organizations looking to attract and retain top talent can no longer rely on simply increasing employee compensation and offering cash bonuses. Employers can overcome this challenge by implementing an ...

Organizations looking to attract and retain top talent can no longer rely on simply increasing employee compensation and offering cash bonuses. Employers can overcome this challenge by implementing an effective awards strategy.

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  • I love this document thank you so much for sharing it
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  • but for my opinion, that's depends on which type of the employees are, the appreciation will not last long of those been nominated in the group, the sense of presence is important in motivating employees, especially in regional group, their name should be announced and remembered whenever they made contribution, and instead of the cash reward, shopping voucher, health care examination can be given as other form of reward methods.
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  • The appreciation experience is a great way to work with and engage employees. I think the question ‘what makes you feel most appreciated’ is a very powerful question for employees. In my experience of working on employee engagement programs a lot of employees say that being listened to and their achievements being acknowledged is what makes them feel most appreciated. I therefore think listening and rewards, either physical or other, are a great way to enhance employee engagement.
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  • In addition a great follow up question how long would the residual affects last for the person receiving the award?
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  • This is a very enlightening presentation and I couldn't agree more with what is said here. The old way of thinking believes that all employees can be categorized inside one basket - this is not true. Not everyone's primary motivation is cash, and you really hit a bull's eye with the right question.
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    How to Create an Effective Award Strategy How to Create an Effective Award Strategy Presentation Transcript

    • CREATING AN EFFECTIVE AWARD STRATEGY
    • ORGANIZATIONS LOOKING TO ATTRACT AND retain top talent can no longer rely on simply increasing employee compensation and offering cash bonuses.
    • In fact, employers can overcome this challenge by implementing an EFFECTIVE awards STRATEGY in their recognition programs.
    • BUT... how do you determine which elements of an awards strategy can help in increasing employee engagement and company loyalty? Research from The Cicero Group commissioned by The O.C. Tanner Institute uncovered surprising findings.
    • WE SHOULD START BY ASKING THE right QUESTION.
    • What do you want? VS What makes you feel most appreciated?
    • WHEN ASKED “what do you want” employees always say
    • WHEN ASKED “what makes you feel most appreciated?” the answer significantly changes.
    • THE MAJORITY of employees say that an awards-based recognition program would cause longer lasting feelings of appreciation than its cash equivalent.
    • WHEN ENCOURAGED TO FOCUS ON THE APPRECIATION EXPERIENCE, many employees acknowledged several limitations of cash as a recognition item.
    • TOP 4 REASONS WHY PEOPLE CHOOSE AN award-based recognition program: 1 See the item and remember the experience 42%
    • TOP 4 REASONS WHY PEOPLE CHOOSE AN award-based recognition program: 1 See the item and remember the experience 42% 2 Cash is spent quickly and forgotten 22%
    • TOP 4 REASONS WHY PEOPLE CHOOSE AN award-based recognition program: 1 See the item and remember the experience 42% 3 The item will be around longer than cash 21% 2 Cash is spent quickly and forgotten 22%
    • TOP 4 REASONS WHY PEOPLE CHOOSE AN award-based recognition program: 1 See the item and remember the experience 42% 3 The item will be around longer than cash 21% 2 Cash is spent quickly and forgotten 22% 4 Cash is spent on everyday items 19%
    • I THINK MORE OF AN OBJECT IS GOING TO REMIND YOU, that’s my hard work. That’s what I got. YOU GET CASH AND YOU’RE JUST GOING TO BLOW IT AWAY. — JOHN, Focus Group Participant
    • THE PROBLEM WITH CASH: 1 Cash is spent on non-award item (groceries, bills etc) 2 Cash is spent quickly and then forgotten 3 Cash is impersonal
    • I’D USE IT TO PAY BILLS. I do think a gift is better. — GENENE, Focus Group Participant
    • WHEN EMPLOYEES ARE ASKED TO DESCRIBE THE IDEAL RECOGNITION PROGRAM... 57% 21% included a cash reward included an award item
    • DESPITE THERE BEING STRONG CONSUMER PREFERENCE FOR CASH, it is unlikely to make an employee feel appreciated as effectively as an award item.
    • APPRECIATE GREAT WORK Source: The Cicero Group: Optimizing Employee Recognition Programs CONTACT US »