HRO Today April 2018 - 43

Recognition
half of U.S. fi rms responded by changing the products
included in their sales programs and increasing their
accounting and program scrutiny.
The U.S. spends
conservatively more than
$90 billion
$24 billion
on awards annually and
4. Talent and tech. Considering the importance today's
organizations place on data, it is no surprise that in the
next few years, predictive analytics and augmented
reality will become fundamental to all forms of talent
and performance management. The impact of these
technologies will also be felt in incentive, rewards, and
recognition programs. Organizations like Google and
Unilever are currently at the forefront of harnessing
employee engagement data, network data, external data
from Glassdoor, employee text data, and even " ambient
data, " and using this data to direct policies, procedures,
and products that impact performance.
on gift cards alone.
merchandise and gift card budgets. Organizations
spending between $1 and $250 annually per employee
dropped to 43 percent, while organizations with budgets
between $251 and $5,000 per person rose to 57 percent.
3. Review regulations. The IRF study also revealed that
regulations-DOL Fiduciary Rule, OSHA, FLSA, and Fair
Market Value-continue to be an important part of
rewards and recognition programs. While there was a
great deal of awareness regarding regulatory changes,
most respondents felt only somewhat knowledgeable
about their implications. But organizations remain serious
about legal compliance, with more than one-third of
U.S. fi rms reporting that responsibility for recognition
program compliance is shared among HR, legal, audit,
and compliance teams. In addition, more than half of U.S.
organizations have implemented explicit policies to guide
their program compliance.
Organizations are doing their best to stay ahead of the
game, with 90 percent taking a proactive approach to
regulatory compliance in their non-cash rewards programs.
Almost half of respondents said they had reworked the
entire program to meet compliance demands, while over
Over the next few years, talent professionals will
increasingly seek to understand how artifi cial intelligence
and predictive technology can be used to deliver a better
employee experience. This will encompass reward and
recognition experiences, and ambient and hard data will
be leveraged to recommend rewards that are personally
meaningful and create engaging experiences in face-toface
meetings. Behavioral data in reward systems may
even be able to predict changes in levels of engagement
and performance.
5. Meaningful rewards. In the end, truly impactful rewards
and recognition programs create emotionally engaging
experiences that employees will remember throughout
their careers. Assuming that cash compensation and gift
cards are suffi cient in giving employees the meaning and
drive they need to go above and beyond on a daily basis
can actually be detrimental to business performance.
Failing to explicitly tie recognition to stated organizational
effort may also hinder performance.
The U.S. spends conservatively more than $90 billion
on rewards annually and $24 billion on gift cards alone.
But in today's competitive landscape, organizations
need to provide the structure and tools to make work
meaningful. This begins with ensuring a personal thank
you accompanies every reward and that each reward has
a personal meaning or is selectable by the employee.
Likewise, tying the reward to the organizational or
departmental effort for which it was earned ensures it is
perceived as more than a gift, but rather a meaningful
refl ection of a job well done.
Melissa Van Dyke is president of The Incentive Research Foundation.
APRIL 2018 | www.hrotoday.com
[43]
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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
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