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Employee Rewards and Recognition

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Participants will be able to:
Understand the evolution of employee rewards and recognition
Understand what employees really want out of work and be able to apply this understanding to implement a process to design recognition and reward systems
Know how why effective reward and recognition systems are important through their contribution to the business bottom-line

Published in: Leadership & Management
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Employee Rewards and Recognition

  1. 1. Employee Recognition Done Right
  2. 2. Objectives For Today 2 • Participants will be able to: 1. Understand the evolution of employee rewards and recognition 2. Understand what employees really want out of work and be able to apply this understanding to implement a process to design recognition and reward systems 3. Know how why effective reward and recognition systems are important through their contribution to the business bottom-line
  3. 3. EVOLUTION OF REWARDS AND RECOGNITION
  4. 4. 5
  5. 5. Work/Life Balance or Integration
  6. 6. ALL OF THESE THINGS CAN WORK…. 10
  7. 7. AND NONE OF THESE THINGS CAN WORK…. 11
  8. 8. DO THEY MAKE PEOPLE FEEL VALUED??
  9. 9. Steps to Employees Feeling Valued Creat e “Flow” Ask Creat e Train Evaluate
  10. 10. 15 • Does the work require above average challenges? • Is the work difficult, but accomplishable? • Does it require the use of above average skills? CREATE “FLOW” • Are there opportunities for skill development? • Does the work have built in goals? • Does the work have built in rules? Not too ambiguous.
  11. 11. 16 1. Individually 2. In aggregate ASK
  12. 12. Personalization ASK
  13. 13. 18 CREATE “Rather than a standard package of health, wealth and paid time off, companies can provide employees with a budget and a widely diverse set of options. These can range from sponsoring paid community service time overseas, allowing for credits to buy a hybrid car or even financially supporting an increased personal skill, such as learning a new language. The options are endless.” from The 2020 Workplace
  14. 14. WHAT IS THE #1 REASON PEOPLE LEAVE A JOB? 19 TRAIN
  15. 15. 20 EVALUATE EMPLOYEE ENGAGEMENT  BOTTOM LINE
  16. 16. 21 EVALUATE 1. Do I know what is expected of me at work? 2. Do I have the materials and equipment I need to do my work right? 3. At work, do I have the opportunity to do what I do best every day? 4. In the last seven days, have I received recognition or praise for doing good work? 5. Does my supervisor, or someone at work, seem to care about me as a person? 6. Is there someone at work who encourages my development? 7. At work, do my opinions seem to count? 8. Does the mission/purpose of my company make me feel my job is important? 9. Are my co-workers committed to doing quality work? 10. Do I have a best friend at work? 11. In the last six months, has someone at work talked to me about my progress? 12. This last year, have I had opportunities at work to learn and grow? TRAIN
  17. 17. 22 EVALUATE EMPLOYEE ENGAGEMENT  BOTTOM LINE “In a 2012 meta-analysis of 263 research studies across 192 companies, Gallup found that companies in the top quartile for engaged employees, compared with the bottom quartile, had 22 percent higher profitability, 10 percent higher customer ratings, 28 percent less theft and 48 percent fewer safety incidents.” from “Why You Hate Work” New York Times
  18. 18. A COUPLE OF DISCLAIMERS….
  19. 19. Performance Management 24 Rewards
  20. 20. Giving Feedback • See presentation on recruitment and retention
  21. 21. 256.227.9075 P.O. Box 1014 Decatur, AL 35602 Mary Ila Ward, SPHR/ SHRM-SCP, GCDF miw@horizonpointconsulting.com Visit www.horizonpointconsulting.com And click on “For Companies” for more information and tools

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