The philosophies of rewards and recognition programs are shaping up to suit and adapt to the new workforce of today. The world is changing and it’s time for the recognition programs to catch up with the dynamism of engaging minds and the hearts of employees together.
People Matters in partnership with Rewardian carried out a research on how organizations are designing their R&R (Reward and Recognition) initiatives in this volatile and complex age. This research presents the findings in the context of strategic positioning, how organizations are using technology to bring in agility in the value chain and the trends that will prevail in the remaining months of the year 2018.
The study has focused on three aspects of employee recognition programs:
- Strategic positioning: The placement of recognition programs in the value chain - their alignment with business vision and goals.
- Technological imperatives: Understanding the role that technology plays in the R&R philosophy.
- Impact analysis: Measurement of recognition programs and their perceived impact at different levels.
Key findings of the study:
- Many traditional reward methodologies are still practiced because of easier implementation and reduced complexity.
- Two major challenges in implementing impactful R&R programs entail cost constraints and leadership buy-in.
- Leadership still views recognition as a protocol/tactical support.
- Technological involvement is a must for an integrated system of recognition and impact assessment.
Click here to read the complete research.