Globoforce and the Society of Human Resource Management team up twice a year to conduct a survey with the goal of assessing workforce challenges, strategies, and opportunities from the perspective of HR professionals.
The Winter 2012 survey revealed significant findings on the importance of employee engagement and recognition. With over 750 responses from professionals, the following statistics are worth noting.
- Only 42% of organizations track employee engagement but an impressive 94% feel that it is an important challenge they are currently facing.
- The most common ways to track engagement are employee engagements surveys and exit interviews.
- Only 55% of respondents find annual performance reviews to be an accurate assessment of job performance. Ongoing and frequent feedback is expected to be a rising trend.
“Conducting ongoing performance assessments with real-time feedback remains an opportunity for companies to manage and improve engagement, motivation, and productivity throughout the year.”
- Employee engagement is observed to increase by 61% when employee recognition programs are offered. In addition, productivity increases by 63%.
- Although the majority of respondents have recognition programs, only 15% track the ROI of their programs. Tracking ROI provides quantifiable metrics which can be measured against goals to provide feedback for improvement.
- 76% of the organizations who have employee recognition programs feel that it is aligned with their company values, which helps to promote organizational culture and leads to overall better results.
“According to the survey, more than half of respondents say they observed that productivity, customer/employee retention, employee engagement, return on profit margin, and return on equity increased as a result of employee recognition programs.”
Does your organization track the ROI of your recognition program?
Online Rewards and Recognition Program
With the evident benefits that come from having an employee recognition programs, it is necessary to take the time to keep it updated and aligned with the goals of your company. One way to achieve this is by offering an online program. There are many valuable benefits including:
Consolidation– An online program allows for companies to more effectively implement rewards across the entire organization with reduced repetition and costs.
Flexibility– It’s important for the program to align with the priorities of the organization. Online capabilities make it simple to match the current needs of the company with aspects of the program for overall better benefits.
Unlimited Options– A brand-name online rewards selection provides employees with instant access to rewards such as the latest products, gift cards, and travel experiences.
Reports– Recognition, rewards, inquiry and other transactions can constantly be tracked in order to identify top performers and see how the program is trending for guidance on future improvements.
Easily Adapted– As social media continues to be integrated into the workplace; an online program is likely to be easily adapted by employees. Public recognition through these networks enhances communication and employee relationships.