No, I don’t mean reading, writing and arithmetic. The 3 Rs I’m referring to relate to the benefits Reward and Recognition programs have on Corporate Recruitment, Resilience and Results!
Recruitment: Engaged Employees Drive Talent Acquisition!
The perception of your company is very important when it comes to attracting quality talent. LinkedIn defines this as your talent brand – “the highly social, totally public version of your employer brand that incorporates what talent thinks, feels, and shares about your company as a place to work.”
A recent Talent Culture article speaks to the convergence of recruitment and engagement. Engaged employees act as company ambassadors helping with referrals and strengthening your talent brand across all platforms. According to LinkedIn’s The Employer Brand Handbook having a strong talent brand reduces cost-per-hire by up to 50%, and can reduce turnover rates by 28%.
How do you create a positive talent brand? There are many ways but one impactful way is to invest in Reward and Recognition programs that enable managers to provide meaningful Recognition at the right time and frequently. This demonstrates to employees (and job candidates) that Recognition is an important part of the employee value proposition.
And, according to the 2015 WorldatWork study, only 53% of employers promote their Reward and Recognition programs as part of their EVP during the hiring process …an area possibly being overlooked by your competition. A great competitive advantage for your company!
Resiliency: Recognition Builds Resiliency!
Contrary to popular opinion, resilience is not an innate personality trait. Resilience can be learned at an individual and organizational level.
Harvard Business Review’s “Building a Resilient Organizational Culture”, lists 8 ways organizations can build a “culture of resilience” and “resilient leadership” to innovate and survive in times of adversity. This report highlights the importance of providing encouragement, support and mentoring to employees.
Social Recognition programs make it simpler for managers to give timely feedback, specific thanks and ongoing support, not just at the end of a project but throughout. This type of encouragement reinforces to employees they are on track and motivates continued effort. It has also been shown to help with stress – which benefits everyone.
Resilient employees are more likely to be engaged and remain productive in tough economic times. Resilient organizations are better positioned to prosper when others falter. A true competitive advantage in a world of change and uncertainty.
Results: Engaged Employees Produce Better Business Results!
At the end of the day, an organization is measured on its results. Here are just a few stats to support how various types of Reward and Recognition programs impact employee engagement and the bottom line.
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Organizations leveraging results-driven recognition programs are likely to experience greater overall success AND the more programs offered, the higher the impact on culture
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“60% of Best-in-Class organizations stated that employee recognition is extremely valuable in driving individual performance.”
Source: Aberdeen Group, The Power of Employee Recognition, 2013
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Companies who use numerous Reward and Recognition programs have 31% lower turnover than companies with poor recognition cultures.
Source: Human Resources Today
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When companies spend 1% or more of payroll on recognition, 85% of them see a positive impact on engagement, resulting in better overall employee performance.
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Organizations that excel in Rewarding and Recognizing employees for positive behaviors are 12 times more likely to generate desired business results.
Source: Becoming Irresistible: A new model for employee engagement, Deloitte University Press
Top employers are more likely to have Reward and Recognition programs in place and consider this investment in their human capital as highly valuable. Embrace recognition (and these 3Rs) and you’ll have a competitive advantage in attracting, supporting and motivating top performers!
Let us give you a hand.
CSISTARS designs, implements, communicates, motivates, tracks and monitors the ROI of your investments in human capital.
For more information or to request a demo contact us or give us a shout at 1-800-441-2895.
Lori is the VP of Recognition for CSI International Inc. She has a MBA with a minor in Human Resources, is a Certified Recognition Professional and member of the SHRM blog squad. Prior to joining CSI STARS, she worked at Mercer Human Resource Consulting and Youthography, a youth market research agency. Connect with CSI STARS on LinkedIn to learn how we cultivate a workforce that loves coming to work.
