Each year organizations spend billions on points-based rewards and yet 70% of employees don't feel recognized and more than half are looking for new jobs. WHAT GIVES?
Put another way, since organizations are already giving billions and not getting the ROI, should we be giving something different?
Studies from Massachusetts Institute of Technology, The London School of Economics and Political Science (LSE) and Carnegie Mellon University found that incentives don't necessarily lead to better performance.
I spoke with a customer today that's leaning in on giving recognition - everyday, to everyone, everywhere employees do their jobs - over a points-only approach because:
- They want to avoid a false economy of entitlement
- They don't want to force employees or managers to THINK about giving recognition based on the funds they have available or the way their points system is configured
- They want everyone to feel empowered to catch someone in the act of a job well done
Today, most programs balance a monetary AND non-monetary approach.
Whatever the balance for your organization, make sure that recognition is easy to give, easy to find and easy to share.