Not all recognition and rewards programs are created equal. That, however, can be hard to prove when trying to convince executives it’s time for a change.
Many companies think that simply checking the box on having a rewards program is good enough. What many HR leaders don’t realize that traditional approaches and technologies to little to engage employees and even worse, they’re actually wasting money along the way. Here’s why:
- Outdated awards like plaques or company pens give employees the impression that recognizing their success isn’t a priority.
- Not having an easy way for employees to share their achievements and congratulate each other limits the impact of the recognition.
- To remain competitive in the war for talent, companies must use their programs to attract and retain Millennials and Generation Z.
- It’s costing you money.
Yes, your existing recognition and rewards program is actually costing your company money, both in direct and indirect ways. In our newest eBook, Recognition and Rewards: Is Your Program Wasting Money?, we tackle where product mark-up, dated rewards and clunky technology can hurt you more than help you. We also outline the questions you should ask yourself to help develop the right program for your employees.
This eBook serves as a great conversation-starter for those looking to develop a new framework for a recognition and rewards program and lack the executive buy-in needed to move forward.