Optimize Rewards and Recognition

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Organizations want to diversify their employee engagement and retention strategies. Most acknowledge the importance of an effective rewards and recognition program, yet most programs are ineffective.
Traditional rewards are becoming more costly and less motivating, but organizations continue to use them because many managers haven't been convinced otherwise.
An effective program provides rewards and recognition in a way the recipient wants to receive it, not the way the sender wants to send it. Individualizing rewards and recognition while administering them to a large group of employees is difficult, takes time, and can be costly.
As an HR professional, you are not expected to be an expert in what motivates and engages every single person, and neither are managers. However, there are some rules of thumb that you can follow and some levers that can be pulled that will have a major impact on employee engagement.

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Our Advice

Critical Insight

Increased satisfaction with an organization's rewards and recognition program directly and positively impacts employee engagement.
The psychology of motivation is changing – monetary rewards are becoming outdated, ineffective, and expensive. Today, recognition is the priority when it comes to effectively motivating your employees.
Over 65% of employees want their organization's rewards and recognition programs to be more aligned with organizational goals and values, and over 60% want to be rewarded in a more timely fashion.
Nearly 70% of employees want rewards to be more individualized to the person receiving them because most rewards given today are off-the-shelf.
Revamping a rewards and recognition program is onerous. Almost all organizations have some sort of program already in place, so leverage these current programs by making some minor tweaks.

Impact and Result

An effective rewards and recognition program:

Increases return to shareholders
Boosts employee performance
Improves retention and motivates staff

Aligning rewards and recognition criteria and delivery with organizational goals and values creates meaning in employees' work by showing them how they fit in and contribute to the bigger picture.

Optimize Rewards and Recognition Research & Tools

1. Tweak your organization's current rewards and recognition program

Improve employee engagement and drive business results.

2. Individualize rewards and ask for employee feedback

Provide meaningful and appropriate rewards and recognition.

About McLean & Company

McLean & Company is an HR research and advisory firm providing practical solutions to human resources challenges via executable research, tools, diagnostics, and advisory services that have a clear and measurable impact on your business.

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Contributors

McLean & Company conducted in-depth interviews with HR professionals, subject matter experts, employees and managers to learn about rewards and recognition programs at different organizations.
McLean & Company fielded a survey directed at managers and employees to better understand their preferences on a variety of factors that influence a successful rewards and recognition program. The survey attracted over 100 respondents.