From a 31% improvement in retention, to quantitative data on employee behaviour and achievements, a good recognition plan can help you achieve and surpass organizational goals. So how can you ensure your plan is effective? Some of Canada’s top providers weigh in.
What are you trying to achieve?
“I think the first thing would be to not think of it as a rewards program, but to think of it as a program that’s going to deliver specific results,” Globoforce’s Chris French said. “Often a company will start with ‘I want to build a reward solution, what rewards do I need, what are the logistics?’ What we really need to start with is ‘What do we want to achieve?’ “
Buy-in from the top
“It’s important to get exec buy in to make recognition successfulm,” said Chris Vyse, O.C. Tanner VP Sales and Marketing. “There needs to be a firm understanding of what the benefits might be from recognition. How will we know if we’re successful and what are some of the risks?”
Executives will help guide vision and determine what the desired goal is. When you have the backing of the C-suite you can be sure you’re focused on the right areas and goals for your program.
Watch: Inclusive rewards: engagement at every level
Inclusive, equitable and tiered
Terryberry managing partner Mike Byam suggests a “three legged stool” approach to ensure a balanced and inclusive program. The first leg is daily recognition; the second is informal recognition and the third leg is formal recognition, which aresignificant awards for significant achievements. These bigger achievements could include tenure, annual awards or milestone achievements.
He recommended having a tiered structure so actions and achievements receive appropriate recognition.
Communicate and collaborate
Ensure all your staff are involved by including peers instead of just managers. A peer to peer program allows real-time recognition beyond traditional recognition efforts.
“It’s no longer about that annual event. Business is real time,” Achievers’ founder Razor Suleman said. “How do you make recognition engrained in your business? That’s the number one tool. More than 90% of people who use Achievers use that peer-to-peer approach.”
Measure, record, utilize
The data you can collect is one of the most valuable aspects of a good program as you continue to measure, manage and move your culture over time.
“If you had in your hand all the information about an employee over the year and all the things peers have recognized them for, imagine how much more effective an annual performance review would be when you’re trying to steer the organization,” French said.
It’s not just rewards programs that can keep your team engaged. See HRM next week for information on how an employee discount program can win over and retain staff.
If you missed yesterday's article on getting the most from reward and recognition programs, you can read it here.