HRO Today April 2018 - 42

Recognition
Company culture, increased investment, and technology are
playing a big role in today's rewards programs.
By Melissa VanDyke
Human capital investments as a trusted way for
organizations to sustain and grow success continue
to build. Aside from the more than 80 percent of U.S.
businesses that now invest in alternative awards for
their sales population or employees, a recent study by
the Incentive Research Foundation (IRF) found that topperforming
businesses view rewards and recognition as an
important part of the human capital playbook. Of the 900
organizations reviewed, only 300 met the qualifi cations
to be considered top performers: over fi ve percent yearover-year
revenue growth, 90 percent customer retention
or satisfaction, and 90 percent employee satisfaction or
retention.
These top-performing companies all had one thing in
common-their belief in the value of non-cash rewards
and recognition. They were 20 percent more likely than
average businesses to strongly agree on the benefi t of
non-cash rewards across 11 metrics, including the use of
non-cash rewards as excellent engagement and retention
tools. Top companies were also 30 percent more likely than
average businesses to strongly agree that their non-cash
reward and recognition programs were effective.
[42]
HRO TODAY MAGAZINE
|
APRIL 2018
The IRF's 2018 Trends study revealed fi ve non-cash
rewards and recognition trends that HR should consider to
motivate their workforce:
1. Concentrate on culture. At a time when market
positioning is less about the stories and images
organizations publish externally and more about
the culture that clients and customers experience,
organizations must lead based on values. A robust
culture is also the foundation for accelerated innovation,
adaptive performance, and employee committment. While
recognition based on tactical performance was once the
norm, organizations today are improving culture and
fostering employee growth by rewarding their employees'
ability to make deliberate decisions and process
improvements in real-time.
2. Budget for success. Across the board, the IRF continued
to see increased fi nancial investment in non-cash reward
programs. Net optimism in the value of non-cash reward
programs is up almost 20 points year-over-year. This
optimism was refl ected in a four percent increase in
annual spend on incentive travel to $3,915 per person.
A third of respondents also noted an increase in their
Appreciating
Employees

HRO Today April 2018

Table of Contents for the Digital Edition of HRO Today April 2018

HRO Today April 2018 - 1
HRO Today April 2018 - 2
HRO Today April 2018 - 3
HRO Today April 2018 - 4
HRO Today April 2018 - 5
HRO Today April 2018 - 6
HRO Today April 2018 - 7
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