86% of businesses use employee recognition programs. Rewards and incentives can spur sales, improve retention and employee loyalty, and raise productivity. The Incentive Research Foundation (IRF) reports that incentives can attract and retain good employees, boost team performance by as much as 44% and increase individual productivity by an average of 22%.The right kind of recognition program can provide staggering benefits to an organization. In a recent WorldatWork survey 90% 0f businesses indicated that rewards and incentives improved length of service, 79% of respondents indicated rewards incented employees towards "above and beyond" performance, and 43% of respondents indicated that incentives led to peer to peer recognition. This kind of data reveals that creating programs for employee rewards, recognition and incentives is a small investment that reaps significant returns. Not only keeping employees happy, but creating a work environment where the employee appreciates the company can lead to longer and more prosperous employee employer relationships. Ensuring that these rewards are properly and often communicated from the employer to the employee using different modes of communication such as a company intranet, email, bulletin boards, and the like help to remind employees constantly of the appreciation of the company for their hard work and dedication. Measuring success and gauging satisfaction of recognition and rewards programs is another important way to ensure that as an employer you keep your employees engaged in these programs is important. Rewards do not have to be big, rewards can range from small spot rewards such as a gift card, and can extend all the way to more valuable incentives like a trip or extra time off.
For more tips on engaging employees in rewards programs that drive performance check out this Business Management Daily article.
