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.

1. CREATING AN
EFFECTIVE
AWARD
STRATEGY

2. ORGANIZATIONS
LOOKING TO
ATTRACT AND
retain top talent
can no longer rely on
simply increasing
employee compensation
and offering cash bonuses.

3. In fact, employers can overcome this
challenge by implementing an
EFFECTIVE
awards
STRATEGY
in their recognition programs.

4. 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.

5. WE SHOULD START BY
ASKING THE right QUESTION.

6. What do
you want?
VS
What makes you feel
most appreciated?

7. WHEN ASKED
“what do you want”
employees always say

8. WHEN ASKED
“what makes you feel most appreciated?”
the answer significantly changes.

9. THE MAJORITY
of employees say that an
awards-based recognition
program would cause
longer lasting feelings of
appreciation than its
cash equivalent.

10. WHEN ENCOURAGED
TO FOCUS ON THE
APPRECIATION
EXPERIENCE,
many employees acknowledged
several limitations of cash as a
recognition item.

11. TOP 4 REASONS WHY PEOPLE CHOOSE AN
award-based recognition program:
1
See the item and remember
the experience
42%

12. 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%

13. 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%

14. 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%

15. 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

16. 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

17. I’D USE IT TO PAY BILLS.
I do think a gift is better.
— GENENE, Focus Group Participant

18. WHEN EMPLOYEES ARE ASKED TO DESCRIBE
THE IDEAL RECOGNITION PROGRAM...
57%
21%
included a
cash reward
included an
award item

19. DESPITE THERE BEING STRONG
CONSUMER PREFERENCE FOR CASH,
it is unlikely to make
an employee feel
appreciated as
effectively as an
award item.

20. APPRECIATE GREAT WORK
Source: The Cicero Group: Optimizing Employee Recognition Programs
CONTACT US »