Creatingeffectiveawardstrategy 140305144522-phpapp02

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Creatingeffectiveawardstrategy 140305144522-phpapp02

  1. 1. EFFECTIVE AWARD STRATEGY CREATING AN
  2. 2. can no longer rely on simply increasing employee compensation and offering cash bonuses. retain top talent ORGANIZATIONS LOOKING TO ATTRACT AND
  3. 3. In fact, employers can overcome this challenge by implementing an EFFECTIVE STRATEGY awards in their recognition programs.
  4. 4. 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. BUT...
  5. 5. WE SHOULD START BY ASKING THE right QUESTION.
  6. 6. What do you want? What makes you feel most appreciated?VS
  7. 7. employees always say WHEN ASKED “what do you want”
  8. 8. the answer significantly changes. WHEN ASKED “what makes you feel most appreciated?”
  9. 9. of employees say that an awards-based recognition program would cause longer lasting feelings of appreciation than its cash equivalent. THE MAJORITY
  10. 10. many employees acknowledged several limitations of cash as a recognition item. WHEN ENCOURAGED TO FOCUS ON THE APPRECIATION EXPERIENCE,
  11. 11. See the item and remember the experience TOP 4 REASONS WHY PEOPLE CHOOSE AN award-based recognition program: 1 42%
  12. 12. See the item and remember the experience TOP 4 REASONS WHY PEOPLE CHOOSE AN award-based recognition program: 1 42% Cash is spent quickly and forgotten 2 22%
  13. 13. See the item and remember the experience TOP 4 REASONS WHY PEOPLE CHOOSE AN award-based recognition program: 1 42% Cash is spent quickly and forgotten 2 22% The item will be around longer than cash 3 21%
  14. 14. See the item and remember the experience TOP 4 REASONS WHY PEOPLE CHOOSE AN award-based recognition program: 1 42% Cash is spent quickly and forgotten 2 22% The item will be around longer than cash 3 21% Cash is spent on everyday items 4 19%
  15. 15. — JOHN, Focus Group Participant YOU GET CASH AND YOU’RE JUST GOING TO BLOW IT AWAY. that’s my hard work. That’s what I got. I THINK MORE OF AN OBJECT IS GOING TO REMIND YOU,
  16. 16. THE PROBLEM WITH CASH: Cash is spent on non-award item (groceries, bills etc) 1 Cash is spent quickly and then forgotten 2 Cash is impersonal3
  17. 17. — GENENE, Focus Group Participant I do think a gift is better. I’D USE IT TO PAY BILLS.
  18. 18. WHEN EMPLOYEES ARE ASKED TO DESCRIBE THE IDEAL RECOGNITION PROGRAM... included a cash reward21% included an award item57%
  19. 19. it is unlikely to make an employee feel appreciated as effectively as an award item. DESPITE THERE BEING STRONG CONSUMER PREFERENCE FOR CASH,
  20. 20. APPRECIATE GREAT WORK Source: The Cicero Group: Optimizing Employee Recognition Programs CONTACT US »

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