Reward and Recognition: Striking the balance
Your reward and recognition strategy provides a vital link between your people, engagement levels and performance. But striking the right balance can be challenging.
Reward and recognition strategy and supporting activities are used to enhance recruitment, retention and performance levels. It’s a crucial part of your employer toolkit, helping you to attract, retain, motivate and engage your people.
- Reward can include basic pay, health benefits, pension, bonus, holiday leave, sick leave and flexi-time
- Recognition can include activities such as a thank you and acknowledgement, career development plans, long service awards, Employee of Month schemes, newsletter mentions, coaching/mentoring opportunities and expert recognition
It is thought that organisations with the most sophisticated recognition practices are 12 times more likely to have strong business outcomes (Bersin by Deloitte). Companies with strategic recognition also reported a mean employee turnover rate 23.4% lower than those without any recognition programmes (SHRM/Globoforce).
And yet not feeling valued was one of the top reasons given for employees looking to change jobs in 2016 (Investors in People), begging the question whether our reward and recognition strategies are really doing what they should?
But where to start?
Striking the right balance between what engages our people through reward and recognition, what our business is looking to achieve and considerations such as budgeting and resource can be a challenge.
We believe that by taking some time to reflect on your reward and recognition practice, you can ensure that your approach is driving the engagement and behaviour your business needs to succeed.
To help you get started, we’ve pulled together various resources and links that explore reward and recognition and how it can support your people and in turn performance.
- Listen to our podcast (below). Our Ambition Coaches explore Reward and Recognition, sharing top tips and insight
- Book one of our free breakfast events exploring key people management themes including reward and recognition. You can search and book your place here
- Take the opportunity to really explore your approach to reward and recognition with a facilitated session or bespoke support. Find out more about our Ambition Programme
We hope you find all of these resources interesting and a good starting point for your organisation to explore reward and recognition in more depth.
If you’d like to talk to us about your experiences in more detail and how to shape and get the most from your reward and recognition, we’d love to hear from you too.
Interested in more people management themes? Visit our news pages here and select our ‘Why Series’ tag for more resources or follow us @i_dg or Linkedin for all the latest updates.