According to a survey of 550 companies, released last summer by WorldatWork,
- almost 90% of companies have recognition programs in place,
- while 62% of the rest plan to implement them in the next 12 months
Despite layoffs, US employers still face a shortage of workers that will only get worse when the economy recovers, says Kay Sandvik Schmitke of WorldatWork.
“An employee-recognition program is generally defined as something that is not part of an organization’s normal pay/compensation program, that is done to recognize special performance or special circumstances,” says Thomas Casey, a partner at Unifi Network.
Recognition can range from the purely symbolic, says Casey, such as publishing the employees’ pictures in the company newsletter and congratulating them for a job well done, to cash rewards that can go as high as $10,000, according to the WorldatWork survey.
Promoting loyalty and helping improve retention are some of the primary reasons why companies utilize recognition programs. In WorldatWork’s survey,
- just over 90% of the sample reported that they use these programs as a means of improving company morale,
- just under three-quarters said they did so to make employees feel a part of the company,
- slightly less cited retention, and
- almost half sought to promote loyalty
Read the full story at A Job Well Done