Are companies using every tool at their disposal to retain their best employees? It’s a question that’s on the mind of CEOs everywhere. Why now? While “net new job creation” has been stubbornly soft, the actual number of monthly “hiring events” has been up significantly. That means that companies on growth trajectories are going out and poaching top talent from competitors.
In the coming months it will be increasingly difficult to hold on to good people. Faced with the possibility of losing them, business leaders are raising wages. According to CareerBuilder’s 2013 hiring forecast, 72% percent of employers plan to increase compensation for their existing employees in the upcoming year. The need to retain talent is the main driver.
Marketing leaders are always looking to improve outcomes. In an economy that is people-driven, this represents a golden opportunity for HR
to leverage the recognition programs they manage to add deeper value. But how do they begin the process? What does it sound like when
they introduce the concept of connecting recognition to other outcomes? This Performance Perspective represents the first in a new series
that imagines how those first conversations might go. This one is between HR and Marketing. Listen in as each department’s leaders discuss
the company’s brand, its connection to people and a new role for recognition.
Many HR leaders in the pursuit of cost efficiency, reliability and flexibility with their Employee Recognition programs have already implemented a comprehensive reward and recognition portal. These configurable platforms provide multiple cost control and behavioral change benefits. In today’s hyper-competitive business arena—where every dollar needs to advance the company’s collective agenda and business investments are often tied to shared strategic outcome; a portal’s greatest value may lie in the data that passes through it. How employees work and the data they generate while doing so, has the potential to drive better business decisions and improve the overall effectiveness of multiple recognition initiatives. This Performance Perspective will examine how the collection and use of data has evolved and explain how today’s employee recognition planners are using those new capabilities to find a competitive edge for their businesses as well as expanding their role at the planning table.
Companies that are benefiting fully from their employee reward programs have done so by putting thoughtful consideration into all supporting elements, not the least of which is communications. When employees internalize the values of the organization and enthusiastically identify with the sprit in which recognition programs are offered they see themselves as active participants. When that recognition effect gains momentum and becomes part of the broader culture, programs consistently outperform expectations.
When it comes to setting a communications pattern it is always better to error on the side of too much versus too little. In the world of employee recognition, there is a direct correlation between program performance and communications activity. Planners that fail to get the word out create uncertainty which in turn hurts results. Under communicated programs underperform on all levels. They suffer from low user adoption, inconsistent utilization, incomplete data collection and diminished executive standing. This edition of Performance Perspectives will look at what great communication programs have in common, outline the importance of a personalized approach and address the hesitancy some HR executives still have when it comes to using web-based content for all employees. And along the way, I will also offer some practical dos and don’ts designed to make each recommendation as actionable as possible.
There are two types of planning philosophies used by vendors in the employee recognition space. The most common, especially among
incentive companies offering an “off the shelf” product, is to ask questions that qualify the sponsoring company for “fit” within a narrow range of predefined user options. During those conversations the supplier will steer the HR practitioner into a restricted range of functionality in an effort to meet their system’s specs.
There is, of course, another way—to use the process as an opportunity to understand, define and explore opportunities that will optimize results within the framework of your needs, your business circumstances and your organizational structure.