16 December 2020

Reward and recognition: is it worth it?

If there was ever a good time to review your organisation’s reward and recognition programme, it’s got to be after 2020.

According to one study, 51% of employees say their mental health has worsened during the COVID-19 outbreak, while 32% of remote workers admit to a reduction in their productivity. One thing’s clear: employees need a boost. A revitalised reward and recognition programme could be just the thing you need to inject positivity and engagement back into your business.    

Need to convince your leadership team that now’s the time to focus on R&R? Then use our Rewards & Recognition FAQ to answer their questions.

 

What’s the difference between Reward & Recognition?

Generally, we say that reward is transactional whereas recognition is relational. Or, without the jargon:

Rewards are gifts (bonuses/days off etc.) you’re given for achieving a specific goal.

Recognition is praise or gratitude that can be given by anybody at any time. Even saying ‘thank you’ counts. And actually, it’s often those smaller moments that people miss most when they work remotely.

 

Is now really the time to be focusing on R&R?

Absolutely. It’s been a terrible year for some people, and employees in every industry are struggling. One in seven say Covid-19 has been the most stressful time of their professional career. Colleagues need some positivity and connection. They need to feel valued.

 

Does R&R actually make a difference to results?

R&R can feel fluffy, particularly to some leaders who are more old-school. But the stats back up the business case.

  • 90% of HR workers agree that an effective R&R programme helps drive business result
  • Two of the top reasons for employees feeling demotivated are 1) Feeling undervalued (43%), 2) Lack of recognition (40%)
  • Companies with a recognition culture have 31% lower employee turnover
  • 63% of employees who feel recognised say they’re very unlikely to look for a new job
  • Peer feedback can enhance performance by as much as 14%

 

What does best practice look like?

There are four key features that every successful R&R scheme needs:

1) Peer-to-peer recognition: Remote workers are missing out on all those small moments of gratitude. eCards, digital ‘thank you’ walls and ‘one-click’ recognition buttons are all useful.

2) Fun and creativity: R&R schemes are a great way to inject lots of energy, creativity and fun right across your business. This is definitely an opportunity to push your branding and bring your company culture to life.

3) Role modelling: Accelerate the success of your R&R programme by getting your leaders and managers to get on board and use it. Don’t take no for an answer!

4) The golden thread: In order to get results – and leadership buy-in – you need to join the dots between your strategy, values and R&R programme. Employees expect to see joined up thinking.

 

Ready to review your Reward & Recognition programme?

We’ve got lots of ideas, inspiration and best practice to share. Contact Lucy McKerron for a chat and let’s review your approach. 

 

 

 

 

 

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