Having a strategic recognition strategy in place can drive retention and revenue within your organization.
Did you know that McKinsey and Company found that the number one reason employees are leaving their companies is because they don’t feel valued by their organization and manager? All the more reason to put a strategy in place for your recognition efforts to ensure you are retaining your talent.
How to Incentivize and Reward Behavior with Recognition
Once you identify the areas you'd like to recognize, you can start incentivizing the right success behaviors. By tying your Recognition Program in with specific organizational initiatives, you'll be able to strategically drive revenue and further your organization's goals.
To help you understand what we mean, here are a few examples:
Example 1: Recognizing the Right Behaviors
If you are currently incentivizing employees to send candidate referrals and it’s been successful in filling your pipeline but you’re finding most of the candidates aren’t qualified and a very small percentage are actually being hired - that’s resulting in a lot of wasted time. Right now you’re triggering an employee behavior to give referrals, any referral, so the quality might not be top of mind. This behavior can be corrected by shifting the recognition focus. In your new Recognition Program, only reward those employees who refer candidates who receive an offer. This will encourage employees to put more thought into the candidates they are referring to the organization rather than just the number.
Example 2: Recognizing Quality Employee Referrals
Let’s say that turnover has been an issue with new hires that came from employee referrals. Shift the behavior. In your new Recognition Program, focus on rewarding employees whose referrals stay with the company for a year. This will motivate them to stay in touch and engage with them throughout the year.
Example 3: Recognizing Innovative Ideas
Perhaps company expenses have gone through the roof, you need ideas to streamline processes and cut costs. As part of your Recognition program, you can recognize and reward employees who come up with the best solutions. This Recognition Event may be a temporary addition to the program and presented in a contest-like setting for a three-month period, or it could be an on-going event.
Monitor and Evaluate Your Recognition Program
Our metrics and reporting will be able to help you measure and evaluate the value of each Recognition Event and how it impacts your overall Recognition Program. This will help you to continuously gain executive buy-in by aligning your recognition strategy with existing business strategies.
Next Steps
Most Common Recognition Events
Core Values