I was looking at one of my favorite blogs when I found this link to a study done by Fortune Magazine. The study focused on 'The World's Most Admired Companies' based on employee feedback and intensive research.
It turns out reward programs played a huge role in the admirable image of these major corporations.
Two of the points that most stuck out to me included the following:
- 74% state that their employees understand and appreciate that rewards consist of both tangible and intangible components, compared with 61% of their peers - That means that corporate apparel, vacation days and gift cards aren't enough on their own. Employees need the little things too. Appreciation days, thank you notes, reward ceremonies. The best program attacks both needs (material and non-material).
- 28% state that line managers utilize financial and non-financial recognition programs, compared with 16% of peer companies - Basically the bottom line is this- do not rely on bonuses and pay raises alone. Employees will often fail to recognize financial rewards as simple appreciations but see them as an obligation. This can negate the value of your good intentions. So consider the gifts as well!
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