Employee Recognition Programs that Work:
Designed to help your organization develop a high-performing culture of recognition.
Drive Desired Behaviors – Reward for Performance
What motivates your employees to excel? Do they strive to outperform the competition in every task they perform? Do they recognize their own strengths and capitalize on them? Do they know you value their contribution at every level? Your employees are partners in success – both yours and theirs. An employee recognition program, a points based recognition program, or employee incentive program can play a key factor in that partnership.
Studies show employee engagement and recognition go hand in hand. When employees know they are valued and appreciated, engagement soars – motivating staff to excel, and driving desired behaviors. And when employees perform, companies succeed. At it’s basic form, an employee recognition program is foundation to driving employee engagement and all the benefits derived from doing so.
The Impact of Low Employee Engagement
Low employee engagement costs American companies $370 billion dollars annually according to Gallup. Low employee engagement and complacency is costing your company. Disengenged employees have higher increases in the following:
- LOWER ABSENTEEISM 37%
- LOWER PRODUCTIVITY 18%
- LOWER PROFITIBILITY 15%
How much are disengaged employees costing you? A lot! Gallup found that, on average, 17.2% of an organization’s workforce is actively disengaged and those disengaged employees cost their organization 34% of their salary, or in other words, $3,400 for every $10,000 in salary. To illustrate, lets look at those metrics for a 3,000 employee company.
Average Annual Salary in U.S. – $47,000
Disengagement Costs – 34% of $47,000 = $15,980 per employee
Number of Disengage Employees: 516 (3,000 x 17.2%)
Total Cost of Disengaged Employees: 516 x $15,980 = $8,245,680 PER YEAR!
Great relationships between staff, management, and peers is critical to an engaged workforce. Recognition and incentives may start from the top, but it has to trickle down to every employee, no matter the level. When employees are encouraged to do their best and rewarded for their efforts by management and their peers, ownership, and workplace pride result.
A well-designed employee recognition program is the perfect vehicle to increase employee recognition and engagement. It builds solid relationships through the use of peer-to-peer and manager-to-employee recognition. It opens opportunities for acknowledgment and appreciation of excellence from the smallest task to the largest accomplishment.
.
The Definitive Guide
Read The Definitive Guide to Creating an Effective Employee Recognition Program for ideas on how to create a meaningful and sustainable employee recognition and incentive program in your workplace.
Keeping staff engaged with a corporate rewards program is easy, thanks to peer-to-peer nominations, a social news feed, and fun gamification elements. Employees can also set up a wishlist of rewards they want to aim for. You choose the performance, sales, and behavior metrics you want to monitor and reward.
Employee Recognition Programs Designed to Fit Your Organization’s Needs
Large or small. Simple or complex. Domestic or global. CoreCentive has a solution that works around your organization’s point programs and overall employee recognition programs needs. From recognition presentation pieces to our vast global gift reward selection, we provide you and your employees with overwhelming value when compared to our competition.
Stretch your employee service awards budget to the max with our no markup on gifts approach. The industry average markup for service award gift merchandise is between 50% and 150%! Not with CoreCentive. Enjoy the value and pricing transparency that we brought to the industry years ago.