In the white paper called The Time for Employee
Recognition and Reward Programs Is Now, the Incentive Marketing
Association argues that, during an economic downturn, rewards and recognition
programs can act as a lynch pin to a company’s continued existence.
Amid growing layoffs and a rising unemployment rate,
employees who remain at a company are faced with an increased workload and
concerns over job security, the paper’s authors report. Rewards and recognition
programs enhance corporate performance because workers do their best whey they
feel valued for their contributions and when their performance is recognized.
“Today's buyouts, bailouts and bankruptcies have undermined
the workforce stability already shaken by changing demographics, making
employee engagement a critical factor not only for success, but also for a
company's very survival,” says Karen Renk, executive director of the Incentive
Marketing Association.
Programs, however, must focus on what employees value when
it comes to rewards and recognition. For instance, a study by
OfficeTeam, the administrative services firm, and the International Association
of Administrative Professionals found that supervisors rated job promotions and
cash as the two most valued forms of recognition to administrative
professionals.
Support staff workers, however, ranked a simple thank-you
and having their accomplishments passed on to senior management as their most
valued forms of recognition.
The study also shows the two out of three (66%)
administrative employees said they would probably leave their jobs if they did
not feel appreciated by their manager, while seven out of 10 (70%) admitted the
company's recognition program would factor into their decision to accept a job
with a potential employer.
“While financial rewards should not be overlooked, the
research shows there are other ways to effectively recognize someone's
commitment and dedication,” says Robert Hosking, executive director of OfficeTeam.
“Praises from supervisors or a colleague that are specific, immediate and
genuine can go a long way toward keeping these employees motivated and loyal,”
he adds.
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