ST. PETERSBURG, FL (January 31, 2007) – While 73% of 265 surveyed companies said that they have an employee recognition program in place, most are unsure of how well satisfied their employees are with the program. A full 37% of respondents said they do not know how satisfied their employees are with the program, and more than 15% said their employees are not satisfied at all. The Institute for Corporate Productivity (i4cp – formerly HRI), in conjunction with HR.com, conducted the Employee Recognition Practitioner Consensus Survey in January 2007.
“We know that employee recognition is a key factor in the motivation of employees – and in the ultimate success of an organization – so it’s surprising to hear just how many companies don’t have a handle on the effectiveness of their recognition programs. If organizations are going to implement an employee recognition program, they need to have a system of checks and balances in place to make sure it is doing what it is supposed to do,” says Jay Jamrog, Senior Vice President, Research at i4cp.
When it came to deciding how to dole out rewards, personal performance was pegged as the top criterion for recognition awards at 48.9%, followed by extra effort (34.9%) and corporate performance (26.4%).
While this survey addressed monetary awards, a variety of alternatives to monetary awards were also mentioned, ranging from merchandise and gift cards and luncheons to special merit awards/certificates and days off. Of companies providing monetary recognition, nearly half (54.5%) allocate from 1-3% of the employee’s annual salary for their programs. Of the 265 organizations responding to the survey, 10 allocate less than 1%. (Note: This survey did not include information on bonuses, stock incentives, awards related to service, or awards that do not have a dollar value attributed to them.)
For more information about this study, or to receive a full copy of the results, please contact Greg Pernula at (727) 345-2226.
About i4cp, inc.
The Institute for Corporate Productivity (i4cp, inc.) improves corporate productivity through a combination of research, community, tools and technology focused on the management of human capital. With more than 100 leading organizations as members, including many of the best-known companies in the world, i4cp draws upon one of the industry’s largest and most experienced research teams and executives-in-residence to produce more than 10,000 pages annually of rapid, reliable and respected research and analysis surrounding all facets of the management of people in organizations. Additionally, i4cp identifies and analyzes the upcoming major issues and future trends that are expected to influence workforce productivity and provides member clients with tools and technology to execute leading-edge strategies and “next” practices on these issues and trends. i4cp is a for-profit company with offices in St. Petersburg, FL.