Organizations that effectively engage and reward employees drive greater productivity, innovation, and retention, reinforce employer branding, and achieve better overall performance.
However:
- 74% of organizations are not highly effective at recognizing employees for their contributions. Further, one in three executives fail to acknowledge the crucial role that rewards programs play in driving business results.
- One in four business leaders overlook the importance of engaging employees, and only 31% say their organizations are effective at engagement. In lower-performing firms, engagement effectiveness sinks to 18%.
- Rewards for innovation are lacking in one in four organizations. And although 53% of leaders say that incentives are important innovation drivers, only 10% of organizations offer them.
- Conversely, in high-performance organizations (HPOs), rewards programs are twice as likely to be effective. While they are more likely to award bonuses for special accomplishments (cost-savings ideas, goal achievement, employee referrals, etc.), HPOs also leverage the power of nonfinancial rewards at greater rates than lower-performing companies.
Learn how i4cp can help your company improve its employee engagement practices. Contact us today.