Guusto is a simple and modern platform that helps companies execute employee recognition programs with purpose and consistency. Timely and meaningful rewards and recognition can be an impactful way to attract, engage and retain top talent. When guidelines are set and key stakeholders are empowered, these initiatives can lead to a jump in employee productivity and morale, which can result in a significant reduction in turnover and absenteeism. The ROI can be staggering. Calculate your potential returns with this ROI Calculator.
This article provides ideas around different employee recognition programs that you can run, based on your goal (e.g. reduce turnover during an employee’s first 90-days).
While not exhaustive, these recognition program suggestions are based on common use cases of our clients and what has worked for them to achieve their desired business outcomes. (e.g. increase engagement, reduce turnover, improve morale, etc).
How often you send out rewards, what you determine is worthy of recognition (i.e. gift reason), as well as their appropriate value will depend on what you are trying to accomplish (i.e. goal).
Here are some common reward and recognition initiatives that create positive business outcomes:
Anniversary awards (aka years of service)
Real-time recognition (top-down)
Real-time recognition (peer-peer)
Employee referral programs
Peer-peer nominations (real-time, non-monetary)
Quarterly awards (typically based on nominations)
President's awards (typically based on quarterly award winners)
The frequency and value of gifts will vary based on each company’s recognition budget. Below are some examples based on the successful programs that we have seen, from our clients, to provide a general starting point.
The successful implementation of an employee recognition program will depend on the culture of recognition that is established within your company, as well as consistency in administering the program. However, it doesn’t have to be rocket science. The crux of it is that you should create guidelines around what should be recognized, it’s value, and then empower your people with the tools to stay consistent.
If you don’t already have a recognition culture already established in your company, these articles below can help give you a few tips on how to get started.