Organizations that effectively engage and reward employees drive greater productivity, innovation, and retention, reinforce employer branding, and achieve better overall performance.
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.
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