December 5, 2022
Research proves that companies with strong recognition programs enjoy increased productivity, lower job turnover, and greater returns on investment than other companies in the same industries (Harvard Research, January 2019).
The more you prioritize recognition, the more likely you are to have a successful incentive program. Recently, Next Level Performance delivered a comprehensive solution that resulted in a three-year growth rate of 30%. The program was driven by an engaging strategy that successfully recognized and strengthened our client’s workforce.
To foster a culture of appreciation year-round, it’s important to focus on daily, quarterly, and annual recognition opportunities.
DAILY RECOGNITION: NON-MONETARY AND MONETARY
Daily manager and peer-to-peer appreciation is the true building block of cultural appreciation. Support your teammates by providing daily affirmations and words of encouragement for meeting goals or going above and beyond.
Ecards are an easy, personal communication that can be used to congratulate a colleague. Plus, they can be delivered directly to a recipient’s inbox. You can also monetize these moments of appreciation by allowing budget holders to award points to any recognition.
And a recent World at Work study showed that 85% of the corporations they surveyed offer a Milestones or Years of Service program, making it the most prevalent reward program.
QUARTERLY RECOGNITION: COMMITMENT AND ACHIEVEMENT
Achievements, spot awards, and award nominations are great examples of quarterly recognition opportunities. Celebrate your workforce including promotions, anniversaries, and birthdays. Celebrate and honor those who have made big strides by creating award opportunities, such as an employee of the quarter. Spot awards are a unique monetary opportunity to celebrate commitment and achievement.
ANNUAL RECOGNITION: PERFORMANCE AND LEADERSHIP
Recognize top performers annually by administering executive-level and year-end recognition awards. It’s critical to celebrate not only those top performers, but also teammates that live by your corporate values and deliver results. Awards can include a trophy, or even points to credit towards a reward of their choosing in a catalog.
All these recognition opportunities can be made possible with the right program. Next Level Performance can deliver the tools needed to ensure timely recognition is the forefront of your engagement strategy.
To learn more, contact us for a demo, and we can discuss solutions that are tailored to fit your needs.
If you’re curious about the psychology behind employee engagement, and how to avoid resignation in your workforce following the Great Resignation, read more in the resources below: