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Employee Incentive Program Ideas to Maximize Employee Motivation
First off, we all know that finding quality employees takes a lot of time and money, so retaining them is important. One way to maintain good retention rates is to have a great incentive program. Incentive programs serve as a great way to encourage employee motivation long-term. This is because it is a way of rewarding employees for their hard work, showing them that their hard work pays off, which increases morale.
An Employee Recognition Strategy Is Just That – a Strategy
You may have seen the episode of Mad Men when Don Draper asserts to one of his colleagues, “That’s an idea, not a strategy.”
And so it is with an employee recognition program. Many firms decide to “do some nice things” for their employees, and yes they may have some nice ideas, but they have not taken the time to develop a true employee recognition strategy. And without a clear strategy, the program is doomed to fail.
An Effective Employee Recognition Program Can Affect the Bottom Line
A study done by Forbes found that companies that scored in the top 20% for building a “recognition-rich culture” actually had 31% lower voluntary turnover rates. This goes to show that recognition matters, and should be an important part of your HR department’s agenda.
Peer-to-Peer Recognition Programs: A Path to Higher Morale and Increased Productivity
What is a peer-to-peer recognition program?
A peer-to-peer recognition program is a common method used by organizations to allow employees to recognize and appreciate each other. Often times, organizations’ recognition programs are the traditional year-end review, which only allows management to recognize employees. With a peer-to-peer program, employees are given more freedom to express gratitude for each other. This leads to a range of benefits, such as …
For a Meaningful Employee Recognition Program, Follow Best Practice Standards as Outlined by RPI
RPI’s best practices are so well thought out, they are actually trademarked as RPI Best Practice Standards®
RPI Best Practice Standards® have been developed not only on extensive research and knowledge from academia, but on shared experiences in the real world as well. Our best practices have been verified by countless analytical studies.