Is your Reward and Recognition Program really effective?

Reward and Recognition programs have emerged as an important tool for enabling organizations globally, enhance engagement levels, and in-turn, drive the culture. Checkpoints are important to evaluate how relevant your Reward and Recognition program is in today’s context.    

According to Gallup’s analysis, only one in three workers in the U.S. strongly agree that they received recognition or praise for doing good work in the past seven days.

It has become paramount to have a Reward and Recognition program in place and it is even more important to periodically evaluate how relevant your program is in current context. Re-energizing programs that have become ineffective is as important as designing one in the first place.

According to Bersin by Deloitte, The State of Employee Recognition nearly 75% of organizations have a recognition program (despite the fact that only 58% of employees think that their organizations have recognition programs) 

In today’s world, Millennial form majority of the workforce and digitization is driving almost every aspect of the businesses. Digitization has transformed the HR function as an enabler to create next generation employees, who are aligned to the company’s culture and values. Recognition and feedback has to be real time, agile and social. Adoption of such programs need to be accelerated through Gamification.

Here is a guidebook to evaluate whether your existing Reward and Recognition framework has all the necessary elements and if it can really act as an enabler to achieve your organization’s goals.