Innovation Employee Rewards, or Global Recognition programs, are crucial to an organization’s long-term growth and success. In fact, a culture of innovation leverages a recognition program to engage, motivate and empower employees to go the extra mile. By having a proper Recognition Program, your Employee Experience (EX) will be positively reinforced. According to the 2016 SHRM/Globoforce Employee Recognition Survey, your investment on awards should be directly related to all employee costs, meaning a percentage of payroll. Indeed, the most effective amount reaches 1% (or higher) of payroll as your Rewards Budget. As a matter of fact, companies investing any less than that or not at all will see a major decline in many aspects of their organization. Global Recognition Programs yield great results in:

• Return on Investments
• Employee Retention
• New prospect attraction
• Reaching sustainability goals
• Aids learning and development goals

Nearly every division of an organization with an appropriate rewards system will prove more efficient than their counterparts that lack said systems. Of course, each program must be tailored to reflect the culture of a company.

Read more about how successful companies treat their employees.

Learn more about Employee Experience and how it may affect your organization.

References:

• https://www.hrdive.com/spons/1-of-payroll-the-magic-number-for-social-recognition-investment/437281/