Recognition and reward - the greatest missed opportunity

Right now the need to keep your people engaged, motivated and productive has never been greater.  We know there's a direct, proven link between engaged employees and increased turnover and profitability - it's called the Service Profit Chain.

So engaging your employees really matters; and recognising and rewarding your people is one of the best ways to do this.

According to Jeffrey Pfeffer*, “high involvement companies (those who empower, actively engage, recognise and reward employees (in good times and bad) have consistently outperformed their competitors over the long haul."

In organisations where big remuneration packages and the annual bonus are not the core reward mechanism for the majority, and where salaries of those at the coal face are more in line with the national average, brand-centred recognition and reward programmes can represent the biggest opportunity to engage staff each and every day.

The best recognition and reward schemes are created directly in line with the brand and have a powerful ripple effect through a company, creating a culture of recognition. A place where people enjoy their time because they know the contributions they make are noticed. It allows an organisation to shine lights on those best living the brand, encouraging others to do so as they go.

So why in Woodreed's Brand Inside Survey were 37% of organisations still approaching R&R with generic token offerings made in an ad hoc way and a shocking 20% having no process of reward and recognition at all?

*Jeffrey Pfeffer, The Human Equation. Building profits by putting people first