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Gone are the days when managers only gave their staff a pat on the back and a couple of movie tickets for a job well done. The importance of adhoc and formal reward and recognition programs are an imperative driver for business success across all industries. People are people, and it's a fact that people perform better when they know their work is appreciated.
An employee recognition program encompasses any reward program that is based on recognising people for their behaviours, and for reaching milestones (as opposed to performance or achievement related targets). Programs may take many forms but essentially they give you the opportunity to show your appreciation for the behaviours you want to see more of such as:
A RedBalloon program uses the unique power of experiences to reward employees with truly memorable and amazing experiences. We have worked with clients both large and small to deliver impactful reward and recognition programs. Using Gift Certificates or our customised Online Points Program we can make a difference to your organisation.
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What type of recognition do employees want?
For more than 56% of all respondents, the best reward that an employer could give for a job well done is a fun thing to do, with a dinner for two (at over 17%) trailing far behind in second place. The five least popular rewards were in order: desk accessories (0.1%), flowers (0.4%), CD/DVD vouchers (1.4%), movie vouchers (1.6%) and food hampers (1.7%).
To be effective, how should recognition be delivered?
Why do you need a Recognition Program?
"Companies that utilised an effective employee recognition program enjoyed a 109% three-year median return to shareholders vs a 52% return for those companies that did not."
What role do leaders play in successful Recognition Programs?
"Recognition programs won't work if they aren't fundamentally built into the fabric of who you are as an organisation. Leadership teams can't pass out a binder of expectations and expect the field organisation to simply execute because the CEO said it's important. The leadership team needs to be completely aligned and model the behaviour themselves if they expect success."
What makes 'experiential gifts' an effective reward?
When asked to choose their own reward preference, the majority of respondents (49%) preferred an experience based reward over a cash bonus (24%). Life experience is becoming a huge factor across society in general as people look to get more quality and depth from their lives. Providing a rewards program that recognises this momentum toward experiential growth can exponentially magnify the impact of this category of reward and have a lasting impression upon a company's culture.