Recognition – Financial and Non-Financial
This component is about recognition programs. Recognition is an innate need of employees who want to be recognized for their contributions. It plays an important role in motivating employees leading to better performance and retention. Recognition programs are typically designed to promote desired behaviours, whether linked to specific performance outcomes and / or behaviours that reflect the values of the organization and uphold the desired culture.
DID YOU KNOW? Our global benchmark data shows that the Theme– Periodicity or Frequency of Recognition programs contributes the most in percentage terms, towards building the overall capability of the component. While the Effectiveness is contributed by the theme– Budget for Recognition programs. So do you have a well-articulated recognition strategy, policy and process with right budgets to deliver desired outcomes?
The key to effective recognition programs is the alignment of behaviours or outcomes that are being recognized to the value of those behaviours to the organization. The manner in which an employee gets recognized is as important as the reason for the recognition and hence, the process in recognizing employees is critical for success of recognition programs. We bring our substantial experience and understanding of human needs to design recognition programs in light of organization’s context and goals.
The framework we follow for design of recognition programs focusses on measuring behaviours from the policies and processes to ensure consistent and sustainable outcomes for the business
Our deliverables include:
- Assess the effectiveness of current Recognition Strategy and Programs through Industry Benchmark Surveys, Voice of Employee Surveys, Focus Group Discussions, Stakeholder Interviews
- Design Recognition Strategy aligned with the organization’s philosophy, competitive market best practices and employees and stakeholders feedback
- Develop Recognition Programs including, financial and non-financial programs Develop Change Management and Communication plan for execution
- Support in execution of Recognition Strategy and Programs linked to measurable outcomes; evaluate the impact on factors considered important to the organization.