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How to Create an Effective Award Strategy

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Information about How to Create an Effective Award Strategy
Business & Mgmt

Published on March 5, 2014

Author: OCTannerCompany

Source: slideshare.net

Description

Organizations looking to attract and retain top talent can no longer rely on simply increasing employee compensation and offering cash bonuses. Employers can overcome this challenge by implementing an effective awards strategy.
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CREATING AN EFFECTIVE AWARD STRATEGY

ORGANIZATIONS LOOKING TO ATTRACT AND retain top talent can no longer rely on simply increasing employee compensation and offering cash bonuses.

In fact, employers can overcome this challenge by implementing an EFFECTIVE awards STRATEGY in their recognition programs.

BUT... how do you determine which elements of an awards strategy can help in increasing employee engagement and company loyalty? Research from The Cicero Group commissioned by The O.C. Tanner Institute uncovered surprising findings.

WE SHOULD START BY ASKING THE right QUESTION.

What do you want? VS What makes you feel most appreciated?

WHEN ASKED “what do you want” employees always say

WHEN ASKED “what makes you feel most appreciated?” the answer significantly changes.

THE MAJORITY of employees say that an awards-based recognition program would cause longer lasting feelings of appreciation than its cash equivalent.

WHEN ENCOURAGED TO FOCUS ON THE APPRECIATION EXPERIENCE, many employees acknowledged several limitations of cash as a recognition item.

TOP 4 REASONS WHY PEOPLE CHOOSE AN award-based recognition program: 1 See the item and remember the experience 42%

TOP 4 REASONS WHY PEOPLE CHOOSE AN award-based recognition program: 1 See the item and remember the experience 42% 2 Cash is spent quickly and forgotten 22%

TOP 4 REASONS WHY PEOPLE CHOOSE AN award-based recognition program: 1 See the item and remember the experience 42% 3 The item will be around longer than cash 21% 2 Cash is spent quickly and forgotten 22%

TOP 4 REASONS WHY PEOPLE CHOOSE AN award-based recognition program: 1 See the item and remember the experience 42% 3 The item will be around longer than cash 21% 2 Cash is spent quickly and forgotten 22% 4 Cash is spent on everyday items 19%

I THINK MORE OF AN OBJECT IS GOING TO REMIND YOU, that’s my hard work. That’s what I got. YOU GET CASH AND YOU’RE JUST GOING TO BLOW IT AWAY. — JOHN, Focus Group Participant

THE PROBLEM WITH CASH: 1 Cash is spent on non-award item (groceries, bills etc) 2 Cash is spent quickly and then forgotten 3 Cash is impersonal

I’D USE IT TO PAY BILLS. I do think a gift is better. — GENENE, Focus Group Participant

WHEN EMPLOYEES ARE ASKED TO DESCRIBE THE IDEAL RECOGNITION PROGRAM... 57% 21% included a cash reward included an award item

DESPITE THERE BEING STRONG CONSUMER PREFERENCE FOR CASH, it is unlikely to make an employee feel appreciated as effectively as an award item.

APPRECIATE GREAT WORK Source: The Cicero Group: Optimizing Employee Recognition Programs CONTACT US »

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