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Staying competitive in today’s market will need to be top of the list for most industries as employee retention trends continue being one of the biggest hurdles. Retaining your top talent requires a targeted approach and adaptation of employee requirements. There is an increased need for creativity in how companies motivate and engage their employees which is dependent on how they recognize and reward employee accomplishments.
Why Recognition Fails
Have you implemented recognition programs that flourished when launched, but then fizzled out quickly with time? Too often, recognition programs are created with the best of intentions, however, they fall short because of poor planning, execution, and appropriate budgeting. If recognition budgets stay the same, year after year, without taking economic factors & business needs into consideration, inevitably – employees will see the reduced value and lose interest in the incentives. It’s important to establish a healthy budget.
“According to the IRF’s Industry Outlook for 2022, overall incentive budgets are expected to increase by 34% in 2022, with the per-person spend increasing to $806 from $764 the prior year – although these budgets will need to accommodate price increases resulting from workforce, inventory, and supply chain challenges.”
Recognition is effective when it is meaningful, timely, and memorable – that’s how you impact employee engagement & performance. If employees are only recognized once a year for their Service Anniversary or during a performance review, then you have missed many opportunities throughout the year to recognize employees’ contributions where recognition could have made a significant impact. It is important to work with a Reward and Recognition Company that can develop a program that engages employees, aligns with company core values, and takes into consideration the environment and changes to working conditions.
Provide multiple touchpoints incorporating various methods of recognition, while tying awards to company performance goals. When employees are recognized for going “Above & Beyond”, exhibiting behaviors parallel with company values, participating in Wellness Challenges, pitching in extra time to help their team, adhere to safety goals, and/or have increased their performance – ALL provide increased engagement and company profits. The very best investment any company can make is in their employees. Praise, support, develop and reward employees for exhibiting these behaviors.
According to The Incentive Research Foundation – Top Trends for Incentive Programs in 2022
Finding the right initiatives and recognition strategy can seem overwhelming. That’s why it’s paramount to choose a recognition partner wisely. All Star Incentive Marketing has been a leader in this industry for almost 50 years. Our express purpose – To Teach the World How to Express Gratitude. ASIM has the passion, expertise, and technology to help create & maintain a culture of excellence. To learn more, schedule a demo with our team.