All Star - Blog

Companies with defined incentive, reward and recognition programs enjoy a higher market share, lower turnover rates, a more highly engaged workforce, higher productivity and a host of additional benefits, so it makes sense that an increasing number of companies are turning to these programs. But very few company leaders know which reward vehicles work best, understand the legal tax and regulatory issues involved, or employ staff with relevant experience to properly design programs. Yet, despite this, many still attempt to do so using in-house resources.

At this time of year many individuals and companies are exploring new or updated health insurance programs. Insurance companies offer significant benefits to companies that have documented wellness programs, so companies are making a significant investment in improving the health of their workforce. A study conducted by Fidelity revealed that over half of employers (56%) offer a wellness program to their global workforce, with 40% of the budget directed at incentives for employees to participate.

Although employee engagement has been a priority for many organizations, only 32% of U.S. workers are engaged in their work, according to a Gallup study. Because companies with higher employee engagement outperform their competitors by over 200%, this is increasingly important. Earlier this month we discussed signs of a negative workplace. Here we’ll discuss how to build a culture of recognition that leads to higher employee engagement.

Market research has been a valued strategy for decades. Traditionally, marketers have employed focus groups, product testing, interviews and telemarketing surveys to get that all-important customer and prospect input. Companies that invest in employee incentive and recognition strategies can also benefit from market research.  For incentive and recognition programs, input from representatives of the target group is critical to ensure that the process is effective and the rewards will be motivating to the audience.

The Forbes Article – 5 Ways Leaders Rock hits the nail on the head in general and the list of 5 recommendations for proper employee recognition are accurately written for sure.  That said, I would offer up a few more ways leaders can rock employee recognition which I have derived from nearly 30 years of providing such programs.

National High Five Day was started in 2002 at the University of Virginia. A group of students set up shop on the main quad of the campus and gave out high-fives and lemonade.