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Check out our news blog from president Rick Clarke featuring interesting tips and topics about the recognition industry.
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Employee Recognition on the Rise!
"We expect budgets for recognition programs – currently at 2.7 percent of payroll – to rise steadily. It will continue to be a critical component of an organization’s total rewards toolkit."
Alison Avalos, WorldatWork
A survey released recently by WorldatWork shows employee recognition continues to be important to employers. 89 percent of companies use recognition programs as part of their human resources strategy, up from 84 percent in 2002. 96 percent report their recognition strategy aligns with their organization strategy.
The top three recognition programs are:
- Length of service (86%)
- Above and beyond (79%)
- Peer-to-peer (42%)
Companies today are realizing there are some tangible benefits to having recognition programs in place. The most common objectives for having recognition programs include:
- Create a positive work environment (77%)
- Motivate high performance (71%)
- Create a culture of recognition (69%)
"In the current tug of war between workers’ demands for higher wages to pay for higher living costs and companies looking to cut costs, recognition programs play a key role in creating a positive environment,” said Alison Avalos, the practice leader for WorldatWork who focuses on recognition. "As such, we expect budgets for recognition programs – currently at 2.7 percent of payroll – to rise steadily. It will continue to be a critical component of an organization’s total rewards toolkit."
Key survey findings:
- 81% of organizations do not have a formal training program for managers about the organization’s recognition programs
- 64% of survey respondents have a budget for recognition programs
- 58% of survey respondents report that their HR department administers the majority of their company’s recognition programs
- 52% of organizations do not have a written strategy behind their recognition programs
- 47% of organizations are considering implementing new or additional recognition programs in the next 12 months
- 36% of organizations do not measure the success of their recognition programs.
Article quoted from Alison Avalos, WorldatWork
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