Employee Reward And Recognition

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Recognizing and Rewarding your Employees is more critical than ever to your company during an economic downturn. Here are some thoughts and best practices on the subject

Recognizing and Rewarding your Employees is more critical than ever to your company during an economic downturn. Here are some thoughts and best practices on the subject

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  • 1. Maximizing Employee Performance In A Recessionary Economy
  • 2. Why is employee recognition more important than ever in 2009 ?
    • The obvious need to contain expenses and manage down costs in a recessionary economy
    • To free up working capital by accelerating receivables, reducing outlays
    • Minimizing costs associated with employee turnover
    • Compacting the learning curve for new hires or redeployment of current human assets
    • To drive efficiencies in every available sector of the organization
  • 3.
    • A Successful Employee Involvement System:
    • Is linked to business strategy, vision and quality
    • Focuses on employee input and peer recognition
    • Uses multi-layered programs within a system
    • Recognizes individuals and teams
    • Links rewards to performance
    • Uses tangible rewards
    • Utilizes an intensive communications strategy
    • Includes measurement and accountability
    Overview of Best Practices
  • 4. Organizational, Financial Issues
    • Common Business Priorities
    • Consolidation
    • Alignment
    • Retention / Recruitment
    • Safety
    • Employee Satisfaction
    • Length of Service
  • 5. Going from good to great performance high-performance recognition frequency number recognized recognizes results
    • annual
    • goal achievement
    • corp. to associate
    • drives goal attainment
    recognizes performance
    • monthly
    • discretionary
    • manager to associate
    • awards accomplishments
    recognizes behaviors
    • weekly
    • peer-to-peer
    • 360° recognition
    • reinforce core values
  • 6. Integrated Performance Platform Business Goals Department and/or Corporate Goals Training & Certification Retention Peer Recognition Referral Collections Attendance Customer Satisfaction Collaborative Design Process Integrated IT Platform Tangible Awards/Common Media Executive Dashboard
  • 7. BI’s approach
    • Focus on behaviors that will create change
    • Manager to Peer recognition
    • Peer to peer recognition
    • Team based objectives
    • Results align with corporate objectives
  • 8. What you can expect – result measures
    • Employee engagement
    • Manager, Peer involvement
    • Improvement in employee satisfaction
    • Effective management of multiple initiatives
    • Measurable Results
    • Increased learning, comprehension, awareness, activity, and/or other critical performance metrics
  • 9. Operational measures
    • Measures that focus on team/program function
      • TCSI
      • How is BI performing
      • Merchandise fill rates
      • Web site availability
      • CSR availability
  • 10.
    • Measures that focus on program performance and success
      • Enrolled Participants
      • Number of Active Participants
      • Activity Levels
      • Awards Issues
      • Survey or Quiz Data
      • Peer to Peer Nominations
      • Manager to Peer Recognition
      • Budget Utilization
      • Referral Volume
    Impact Measures
  • 11. Results Measures
    • Measures that focus on business issues (leading to ROI-type analysis)
      • Return on expense
      • Cost-savings
      • Associate Turnover
      • Retention %
      • Financial Performance
  • 12. Investment Benchmarks
    • NAER/WorldatWork Member companies
    • 3.8% of payroll
    • Baldrige Winning Companies
    • $250-$700 per person, per year
    • Current BI programs
    • $200 - $400 per employee, per year
  • 13.
    • Employee Recognition Programs:
      • Reinforce local and corporate activities that lead to accomplishment of strategic objectives
      • Offer flexibility to focus on specific metrics and current initiatives
      • Reward results, not behaviors
      • Build a culture of positive reinforcement and culture of recognition
        • Recognize periodic, ongoing performance of all employees
        • Improve employee satisfaction, retention
        • Improve customer and brand loyalty
    Summary
  • 14. Recent Gallup Poll
    • 2 out of 3 people received no workplace recognition in a given year
    • 99 out of 100 people want a more positive environment at work
    • 9 out of 10 people say they are more productive when around positive people
  • 15. Recent Gallup Poll
    • Employees receiving recognition and praise within previous seven days...
    • Show increased productivity
    • Get higher scores from customers
    • Have better safety records
    • Net: These employees are more engaged!
  • 16. Gallup Research
    • Regular recognition and praise leads to:
      • Lower turnover
      • Increased engagement among colleagues
      • Better safety records and fewer accidents on
      • the job
      • Higher loyalty and satisfaction scores from
      • customers
      • An increase in overall productivity
  • 17. Towers Perrin Study – August 2005
    • A major new study of employees worldwide offers disturbing news: just 14% of people are fully engaged on the job and willing to go the extra mile for their companies.
      • Largest single study of workforce worldwide
      • Conducted by Towers Perrin’s HR Services business
      • Surveyed 85,000 people working for large and midsize companies
      • Included employees in 16 countries; on four continents
  • 18. Towers Perrin Study
    • Towers Perrin research shows that companies with fewer engaged workers are far less likely to deliver on their growth agendas or achieve the kind of performance that shareholders demand.”
  • 19. Towers Perrin Study
    • Highlights
    • Vast majority of people surveyed are moderately engaged at best
    • Twenty-five percent are actively disengaged
    • Study shows - highly engaged workers believe they can and do contribute more directly to business results than less engaged
    • Highly engaged employee beliefs…
      • 84%: can positively impact quality of their company’s products (31%)
      • 72%: can positively affect customer service (27%)
      • 68%: can positively impact costs in their job or unit (19%)
      • *(___) reflects percent of disengaged with same belief
  • 20. NAER & WorldAtWork Study
    • Survey sent electronically to
      • 2708 WorldAtWork & 599 NAER Members
      • 614 responses (19%)
      • At a 95% confidence interval, margin of error is +/- 4%
    • Highlights
      • 92% indicate there is more recognition today than 12 months ago
      • 89% of respondents have recognition programs
      • 48% are considering adding programs within 12 months
      • 60% have written program strategy
      • 81% use to create a positive work environment
      • 69% allocate 3.8% of payroll for recognition
      • 52% have both corporate-wide and division/dept. specific
      • 71% have both informal and formal recognition programs
      • 55% of Sr. Management view recognition as an investment
      • 45% use employee satisfaction surveys to gauge success
  • 21. Conclusions
    • US Department of Labor
    • Number One reason people leave their jobs is that they don’t feel appreciated
    • Gallup
    • If you satisfy their deep wants – employees become more cognitively and emotionally engaged and will perform better.
    • And…this is so across national and corporate cultures, in all occupations, regardless of rates of pay, because the underlying needs are universal .
  • 22. What To Do?
    • Contact [email_address] to schedule an introductory meeting with an expert in driving positive cultural and behavioral change
    • A poor economy is no reason to accept lackluster organizational results. There are many cost-effective tools to deliver bottom-line results for your company
  • 23. Visit http://www.biworldwide.com