advertisement

Six Steps to Employee Recognition ROI

50 %
50 %
advertisement
Information about Six Steps to Employee Recognition ROI

Published on September 27, 2013

Author: BIWORLDWIDE

Source: slideshare.net

Description

Can you measure ROI on employee recognition Initiatives? It’s a question that always comes up when companies are considering starting an employee recognition program or questioning if they should continue implementing a program.

It’s a valid and important question. Depending on the size of your organization, you can be spending an average of $125 to $175 per employee per year on award costs and another $50 to $75 per employee per year on administrative costs. For an organization with 10,000 employees, that’s an investment of up to $2,500,000. Of course, your CEO and CFO will want to know what they are getting for that kind of money.

If you can’t answer that question, your employee recognition budget could be the first thing on the chopping block when budgeting time comes around.

So how do you measure return-on-investment for a rather subjective initiative focused on recognition?

Follow this six-step process to determine the ROI of an employee recognition program.
http://www.biworldwide.com/white-papers/employee-engagement/determining-the-roi-of-an-employee-recognition-program

http://www.biworldwide.com/
advertisement

BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States 6 Steps for determining theroianemployee recognition Program

BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States Can you measure the ROI on employee recognition initiatives?

BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States YESyou can, but first you have to define what’s important to measure. Can you measure the ROI on employee recognition initiatives?

BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States Here’s the six step process to follow:

Start with defining your recognition objectives. BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States 1

Common objectives include: BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States Increasing productivity

Common objectives include: BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States Increasing productivity Reducing customer service complaints

Common objectives include: BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States Increasing productivity Reducing customer service complaints Improving morale

BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States Your program may also positively impact other objectives, but if you focus on one or two, you’ll find it easier to create a defensible ROI.

BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States Identify the key metrics that align to your objectives. 2

BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States Identify the key metrics that align to your objectives. 2 Use measurements you already have in place.

Establish a control group. 3 BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States

BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States The control group can be a baseline period to use for comparison.

BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States The control group can be a baseline period to use for comparison. This adds credibility to your final ROI calculations and results.

BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States Define and communicate behaviors. 4

BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States 5 Set realistic expectations.

BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States You should reasonably expect not to see any significant change for at least six months against your key metrics and it could be as much as 36 months.

BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States Focus your measurement on tactical results such as:

BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States Percentage of managers who have participated in program training.

BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States Percentage of managers who have participated in program training. The number of recognitions employees have sent their co-workers.

BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States Percentage of managers who have participated in program training. The number of recognitions employees have sent their co-workers. The percentage of employees who have recognized a co-worker.

BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States The number of recognitions, per manager, that have been given.

BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States The number of recognitions, per manager, that have been given. Percentage of managers using thier discretionary awards budget.

BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States Calculate all of your program costs. 6

BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States Including these costs will lower your ROI – and increases your credibility when management understands that you are being completely transparent.

BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States Including these costs will lower your ROI... Labor

BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States Including these costs will lower your ROI... Labor Materials

BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States Including these costs will lower your ROI... Labor Materials Training

BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States Including these costs will lower your ROI... Labor Materials Training Presentations

BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States download our article 6 Steps for determining theroianemployee recognition Program6 Steps for determining theroianemployee recognition Program Read the complete story... click here

follow us... Australia | Canada | China | India | Latin America | United Kingdom | United Satees BI WORLDWIDE uses the principles of behavioral economics to produce measurable results for our clients by driving and sustaining engagement with their employees, channel partners and customers.

Add a comment

Related pages

Six Steps Toward an Employee Recognition Program

Home > Workforce > Engagement > Six Steps Toward an Employee Recognition Program. Six Steps ... The ROI should be apparent. Employee Morale ...
Read more

6 Steps for Becoming a Manager That People Love

Here are six steps that should help you get ... Here’s a list of 18 employee recognition ideas ... ROI Calculator; Employee Engagement ...
Read more

6 steps for determining the roi of an employee recognition ...

6 steps for determining the roi of an employee recognition program John o’Brien, Vice president, employee performance group, BiWorldWide Follow this six ...
Read more

6 Steps To Maximizing Employee Feedback From Pulse Surveys

6 Steps to Maximizing Employee Feedback From Pulse Surveys. ... Here are the six steps that you can put in place to ... 18 Creative Employee Recognition ...
Read more

6 steps to creating a workplace of all-stars - HR Online

Here are six steps to get started. ... 6 steps to creating a workplace of all-stars. ... employee recognition. ...
Read more

Employee Recognition | LinkedIn

View 80289 Employee Recognition posts, ... This is beyond employee recognition. This is employee appreciation. ... Six Steps to Employee Recognition ROI.
Read more