It is time to re-introduce employee incentive programs

December 17, 2010

Financial analysts state that the recession is over and that an economic recovery is on the horizon, it is now time to reintroduce certain things that were cut from the company budget. As history repeats itself, a normal occurrence will be to witness a rapid growth period following the end of this recession. With the economy picking up, the trend is to re-implement employee recognition programs that may have been thrown to the way side in the “do more with less” economic reality.

An improving economy usually leads to another trend: employees who have survived the up and downs of the business world will likely begin to search for new and exciting opportunities that will certainly open up. 

For organizations that cancelled their recognition programs, time is of the essence to re-introduce existing employee incentive programs or to implement new types of recognition programs to show your commitment to your employees and to instil a sense of belonging and commitment to the organization.

Unfortunately, many business owners did not realize that cancelling their employee recognition programs they may have done more harm than good to their company’s bottom line. Recognition and gratitude are crucial to retaining employees and cancelling recognition programs may actually slow the economic recovery. 

Employee recognition programs whether sales incentive programs, years of service awards or performance recognition programs, encourage, engage and maintain employees. All these factors lead to companies making and saving money in the long term.

Employees who feel rewarded, recognized and appreciated will inevitably be more productive and committed to your company. Employee recognition is a crucial business tool that is particularly important during the current economic situation. Whether it is in the form of a public compliment to an individual or a group presentation, the result is employees who will want to remain with the organization to live new successes in the future.

An article, "The Power of Post-Recession Recognition1", which appeared in Workspan magazine, relays the results of a survey performed on organizations which had employee recognition programs prior to the recession. The survey showed that 45% of these organizations opted to reduce the amount of money spent on incentive programs as a result of the economic times. Of these organizations, many witnessed negative impacts from this decision; 59% observed a decrease in the level of employee commitment. Upon realizing the impact of their “recession decision”, 42% of the organizations surveyed planned to increase their spending on recognition programs.

Employee recognition and incentive programs are a proactive way of recognizing and engaging your organization’s workforce for the long term. If you are looking to re-introduce employee recognition programs or to implement new employee incentive programs, Williams Recognition specializes in the implementation and administration of custom employee recognition programs and awards. Williams will help you acknowledge and show your appreciation to your employees.

1. http://humancapitalleague.com/Home/10948
    http://www.corpmagazine.com/management/human-resources/itemid/474/employee-recognition-best-practices-lead-to-succes

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